Oakworth Capital Inc. Reduces Holdings in 3M (NYSE:MMM)

Oakworth Capital Inc. lessened its position in 3M (NYSE:MMM) by 10.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,803 shares of the conglomerate’s stock after selling 446 shares during the period. Oakworth Capital Inc.’s holdings in 3M were worth $416,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in 3M by 15.4% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after purchasing an additional 14,775 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new stake in shares of 3M in the third quarter worth approximately $3,855,000. Shoker Investment Counsel Inc. lifted its stake in shares of 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the last quarter. Diversified Trust Co boosted its holdings in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after acquiring an additional 263 shares during the period. Finally, MWA Asset Management bought a new position in 3M in the 4th quarter valued at $1,723,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 0.1 %

NYSE:MMM opened at $90.95 on Thursday. The stock has a market capitalization of $50.33 billion, a price-to-earnings ratio of -7.20, a PEG ratio of 1.61 and a beta of 1.02. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. 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 firm has a 50 day moving average of $95.81 and a 200 day moving average of $97.26.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.28 earnings per share. As a group, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 6.64%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Transactions at 3M

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

Analysts Set New Price Targets

MMM has been the subject of several research analyst reports. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Royal Bank of Canada decreased their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Citigroup increased their price objective on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $104.00.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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.