Waverly Advisors LLC Has $247,000 Stock Holdings in 3M (NYSE:MMM)

by · The Markets Daily

Waverly Advisors LLC cut its position in 3M (NYSE:MMM – Free Report) by 92.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,643 shares of the conglomerate’s stock after selling 31,866 shares during the period. Waverly Advisors LLC’s holdings in 3M were worth $247,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. State Street Corp increased its position in shares of 3M by 0.6% during the second quarter. State Street Corp now owns 33,311,747 shares of the conglomerate’s stock worth $3,334,173,000 after acquiring an additional 196,238 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 2.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 12,898,458 shares of the conglomerate’s stock worth $1,285,246,000 after acquiring an additional 363,626 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 3M by 3.2% during the second quarter. Geode Capital Management LLC now owns 11,846,089 shares of the conglomerate’s stock worth $1,182,812,000 after acquiring an additional 371,298 shares in the last quarter. Morgan Stanley increased its position in shares of 3M by 8.3% during the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after acquiring an additional 825,223 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of 3M by 0.6% during the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after acquiring an additional 44,714 shares in the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MMM shares. Mizuho decreased their target price on shares of 3M from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Royal Bank of Canada raised their target price on shares of 3M from $83.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, January 24th. Barclays raised shares of 3M from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $98.00 to $107.00 in a research report on Monday, December 4th. Finally, Citigroup decreased their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $106.00.

Read Our Latest Research Report on 3M

3M Price Performance

Shares of 3M stock opened at $91.86 on Friday. 3M has a twelve month low of $85.35 and a twelve month high of $113.14. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company has a 50-day simple moving average of $99.62 and a two-hundred day simple moving average of $98.09. The stock has a market capitalization of $50.77 billion, a price-to-earnings ratio of -7.27, a price-to-earnings-growth ratio of 1.30 and a beta of 1.00.

3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company earned $2.28 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Analysts forecast that 3M will post 9.77 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th will be issued a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.58%. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.34% of the company’s stock.

3M Company Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.

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