3M (NYSE:MMM) Position Lessened by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC reduced its holdings in 3M (NYSE:MMM) by 6.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,644 shares of the conglomerate’s stock after selling 190 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in 3M were worth $289,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MMM. Vanguard Group Inc. increased its position in shares of 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the period. Geode Capital Management LLC boosted its position in shares of 3M by 5.7% in the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after buying an additional 619,370 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 3M by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after buying an additional 758,126 shares during the period. Morgan Stanley boosted its position in shares of 3M by 8.3% in the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after buying an additional 825,223 shares during the period. Finally, Northern Trust Corp boosted its position in shares of 3M by 0.6% in the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after buying an additional 44,714 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 0.1 %

3M stock opened at $90.95 on Thursday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The business’s 50-day simple moving average is $95.81 and its 200-day simple moving average is $97.26. The firm has a market capitalization of $50.33 billion, a PE 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.

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, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the company posted $2.28 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.64%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Bank of America decreased their target price on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Citigroup lifted their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Barclays reduced their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus target price of $104.00.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

About 3M

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.