3M (NYSE:MMM) Shares Sold by Kestra Advisory Services LLC

Kestra Advisory Services LLC cut its position in shares of 3M (NYSE:MMM) by 32.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 112,421 shares of the conglomerate’s stock after selling 53,001 shares during the quarter. Kestra Advisory Services LLC’s holdings in 3M were worth $11,925,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tributary Capital Management LLC acquired a new position in shares of 3M in the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. raised its holdings in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the first quarter worth $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the fourth quarter worth $35,000. Finally, Godsey & Gibb Inc. acquired a new position in shares of 3M in the first quarter worth $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Vertical Research raised 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Royal Bank of Canada boosted their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. UBS Group boosted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. StockNews.com initiated coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Finally, Barclays upped their target price on 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.08.

3M Trading Down 1.5 %

MMM stock traded down $1.95 during trading on Monday, reaching $125.21. 2,268,828 shares of the stock traded hands, compared to its average volume of 5,392,721. The business’s 50 day moving average price is $102.05 and its 200-day moving average price is $98.69. 3M has a 52-week low of $71.12 and a 52-week high of $128.49. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market capitalization of $69.29 billion, a PE ratio of -10.00, a P/E/G ratio of 2.36 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the business earned $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.19 earnings per share for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

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.