FLC Capital Advisors Trims Stock Position in 3M (NYSE:MMM)

FLC Capital Advisors lessened its position in shares of 3M (NYSE:MMM) by 21.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 8,886 shares of the conglomerate’s stock after selling 2,387 shares during the quarter. FLC Capital Advisors’ holdings in 3M were worth $971,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Financial Freedom LLC purchased a new stake in 3M in the fourth quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. purchased a new stake in 3M in the third quarter valued at approximately $28,000. Briaud Financial Planning Inc purchased a new stake in 3M in the third quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC purchased a new stake in 3M in the third quarter valued at approximately $37,000. Finally, CGC Financial Services LLC raised its position in 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 purchasing an additional 160 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wells Fargo & Company cut their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. StockNews.com began coverage on shares of 3M in a research note on Wednesday. They issued a “buy” rating for the company. Citigroup dropped their price target on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Mizuho restated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $84.00 price target 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 issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $107.60.

3M Trading Up 1.9 %

NYSE MMM traded up $1.98 during mid-day trading on Wednesday, reaching $104.61. 3,880,366 shares of the stock were exchanged, compared to its average volume of 5,119,103. 3M has a 1-year low of $85.35 and a 1-year high of $113.14. The business’s fifty day simple moving average is $96.89 and its 200 day simple moving average is $97.74. The stock has a market capitalization of $57.82 billion, a PE ratio of -8.26, a PEG ratio of 1.48 and a beta of 1.00. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $7.69 billion. During the same quarter last year, the business earned $2.28 earnings per share. 3M’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

3M 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.