Oakworth Capital Inc. Sells 446 Shares of 3M (NYSE:MMM)

Oakworth Capital Inc. lowered its position in shares of 3M (NYSE:MMM) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of 3M by 15.4% during the 3rd 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 in the last quarter. Cornerstone Wealth Group LLC acquired a new stake in 3M during the third quarter worth approximately $3,855,000. Shoker Investment Counsel Inc. increased its stake in 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 period. Diversified Trust Co increased its stake in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the period. Finally, MWA Asset Management acquired a new position in 3M in the 4th quarter valued at $1,723,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Royal Bank of Canada decreased their price target on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report 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. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, Citigroup lifted their price target on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $104.00.

3M Trading Down 0.1 %

MMM opened at $90.95 on Thursday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67. The company’s 50 day moving average price is $95.81 and its two-hundred day moving average price is $97.26. The firm 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 (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion during 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%. 3M’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.28 earnings per share. As a group, research analysts predict that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

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

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on 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 owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

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.