SeaCrest Wealth Management LLC cut its holdings in shares of 3M (NYSE:MMM) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,550 shares of the conglomerate’s stock after selling 112 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in 3M were worth $2,019,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of MMM. LSV Asset Management boosted its position in 3M by 3,127.1% during the third quarter. LSV Asset Management now owns 225,900 shares of the conglomerate’s stock worth $36,184,000 after acquiring an additional 218,900 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in 3M by 20.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 53,107 shares of the conglomerate’s stock valued at $8,507,000 after purchasing an additional 8,893 shares during the last quarter. Syntal Capital Partners LLC acquired a new position in 3M in the 3rd quarter valued at about $212,000. Prestige Wealth Management Group LLC boosted its holdings in 3M by 20.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 1,177 shares of the conglomerate’s stock valued at $189,000 after purchasing an additional 196 shares during the last quarter. Finally, Cypress Asset Management Inc. TX boosted its holdings in 3M by 47.1% in the 3rd quarter. Cypress Asset Management Inc. TX now owns 15,977 shares of the conglomerate’s stock valued at $2,559,000 after purchasing an additional 5,115 shares during the last quarter. Hedge funds and other institutional investors own 64.68% of the company’s stock.
Several equities analysts have weighed in on MMM shares. Citigroup boosted their target price on shares of 3M from $185.00 to $188.00 in a report on Wednesday, January 27th. TheStreet upgraded shares of 3M from a “c+” rating to a “b” rating in a report on Tuesday, October 27th. Credit Suisse Group decreased their price objective on shares of 3M from $208.00 to $197.00 and set an “outperform” rating on the stock in a report on Wednesday, January 27th. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $196.00 price objective on the stock in a report on Thursday, January 28th. Finally, Morgan Stanley upped their price objective on shares of 3M from $176.00 to $188.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. 3M has an average rating of “Hold” and an average price target of $180.23.
3M (NYSE:MMM) last announced its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 EPS for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.23. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.39 billion. During the same period in the prior year, the firm posted $2.15 EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, research analysts expect that 3M will post 8.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 12th. Shareholders of record on Friday, February 12th will be given a $1.48 dividend. The ex-dividend date of this dividend is Thursday, February 11th. This is an increase from 3M’s previous quarterly dividend of $1.47. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.38%. 3M’s dividend payout ratio is currently 65.05%.
In related news, EVP Michael G. Vale sold 30,875 shares of the stock in a transaction on Friday, January 29th. The shares were sold at an average price of $175.53, for a total transaction of $5,419,488.75. Following the completion of the sale, the executive vice president now owns 79,155 shares in the company, valued at approximately $13,894,077.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Khandpur K. Ashish sold 5,760 shares of the stock in a transaction on Thursday, December 17th. The stock was sold at an average price of $176.44, for a total transaction of $1,016,294.40. Following the sale, the executive vice president now owns 21,719 shares of the company’s stock, valued at approximately $3,832,100.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,904 shares of company stock worth $7,514,868. Insiders own 0.42% of the company’s stock.
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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