Washington Trust Advisors Inc. Sells 699 Shares of 3M (NYSE:MMM)

Washington Trust Advisors Inc. cut its stake in shares of 3M (NYSE:MMM) by 26.0% in the 4th quarter, HoldingsChannel reports. The firm owned 1,991 shares of the conglomerate’s stock after selling 699 shares during the period. Washington Trust Advisors Inc.’s holdings in 3M were worth $218,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. LaFleur & Godfrey LLC purchased a new position in shares of 3M during the fourth quarter worth approximately $255,000. Westbourne Investment Advisors Inc. purchased a new position in shares of 3M during the fourth quarter worth approximately $221,000. Northstar Advisory Group LLC raised its stake in shares of 3M by 42.2% during the fourth quarter. Northstar Advisory Group LLC now owns 3,557 shares of the conglomerate’s stock worth $389,000 after acquiring an additional 1,055 shares in the last quarter. Spring Capital Management LLC raised its stake in shares of 3M by 12.3% during the fourth quarter. Spring Capital Management LLC now owns 23,657 shares of the conglomerate’s stock worth $2,586,000 after acquiring an additional 2,594 shares in the last quarter. Finally, Cresta Advisors Ltd. raised its stake in shares of 3M by 16.7% during the fourth quarter. Cresta Advisors Ltd. now owns 3,500 shares of the conglomerate’s stock worth $383,000 after acquiring an additional 500 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 1.3 %

Shares of MMM stock traded up $1.34 during mid-day trading on Thursday, reaching $105.93. 2,175,050 shares of the company’s stock traded hands, compared to its average volume of 5,069,318. 3M has a 12 month low of $85.35 and a 12 month high of $113.14. The company has a market cap of $58.55 billion, a P/E ratio of -8.35, a P/E/G ratio of 1.45 and a beta of 1.00. 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 company’s 50-day moving average price is $96.89 and its 200-day moving average price is $97.74.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business posted $2.28 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities analysts expect that 3M will post 9.77 earnings per share for the current fiscal 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 $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 5.70%. 3M’s payout ratio is presently -47.82%.

Wall Street Analysts Forecast Growth

MMM has been the topic of several research reports. Mizuho reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday. Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. StockNews.com assumed coverage on shares of 3M in a research note on Wednesday. They issued a “buy” rating on the stock. Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $84.00 target price on shares of 3M in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $107.60.

Insider Buying and Selling

In related 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 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 document filed with the SEC, which is accessible through the SEC website. 0.34% of the stock is currently owned by company insiders.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.