Proficio Capital Partners LLC Takes Position in 3M (NYSE:MMM)

Proficio Capital Partners LLC bought a new position in 3M (NYSE:MMM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,565 shares of the conglomerate’s stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds also recently modified their holdings of MMM. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth about $25,000. FSA Wealth Management LLC acquired a new stake in shares of 3M during the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares in the last quarter. ORG Partners LLC grew its position in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, True Wealth Design LLC raised its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

MMM opened at $148.48 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market cap of $80.61 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock has a 50-day moving average of $149.52 and a 200-day moving average of $138.06. 3M has a 52-week low of $87.45 and a 52-week high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 earnings per share. As a group, equities research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is 38.68%.

Insider Activity

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now directly owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

MMM has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M 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.