Prepared Retirement Institute LLC Boosts Stock Holdings in 3M (NYSE:MMM)

by · The Markets Daily

Prepared Retirement Institute LLC grew its position in 3M (NYSE:MMM – Free Report) by 7.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,677 shares of the conglomerate’s stock after acquiring an additional 119 shares during the quarter. Prepared Retirement Institute LLC’s holdings in 3M were worth $217,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Financial Life Planners purchased a new position in 3M in the 4th quarter valued at $25,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the fourth quarter valued at about $27,000. Meeder Asset Management Inc. raised its position in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares during the last quarter. ORG Partners LLC lifted its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock worth $47,000 after acquiring an additional 163 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last three months. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MMM shares. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Barclays lowered their price objective on 3M from $165.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday. 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. Finally, JPMorgan Chase & Co. reduced their price target on 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.13.

Check Out Our Latest Analysis on MMM

3M Stock Performance

Shares of MMM stock opened at $132.84 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 firm has a market cap of $71.64 billion, a P/E ratio of 17.60, a P/E/G ratio of 3.30 and a beta of 1.01. The firm’s 50 day moving average price is $146.68 and its 200-day moving average price is $138.40. 3M has a one year low of $90.17 and a one year high of $156.35.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, February 14th. 3M’s payout ratio is currently 38.68%.

About 3M

(Free Report)

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.

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