Spire Wealth Management Cuts Stock Position in 3M (NYSE:MMM)

Spire Wealth Management trimmed its position in 3M (NYSE:MMM) by 15.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,040 shares of the conglomerate’s stock after selling 1,283 shares during the period. Spire Wealth Management’s holdings in 3M were worth $759,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMM. CGC Financial Services LLC boosted its holdings in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in 3M during the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of 3M during the 3rd quarter worth approximately $37,000. VisionPoint Advisory Group LLC raised its stake in shares of 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after buying an additional 215 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in shares of 3M in the 3rd quarter valued at approximately $44,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MMM shares. Barclays cut 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. Royal Bank of Canada increased their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. Wells Fargo & Company decreased their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Finally, StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $103.70.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.38% of the company’s stock.

3M Trading Up 0.8 %

Shares of MMM opened at $96.35 on Thursday. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a 50 day simple moving average of $96.30 and a 200-day simple moving average of $97.84. The stock has a market cap of $53.32 billion, a price-to-earnings ratio of -7.57, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the business earned $1.97 earnings per share. Equities analysts forecast that 3M will post 7.23 EPS for the current fiscal year.

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.