Wealthspire Advisors LLC Trims Stake in 3M (NYSE:MMM)

Wealthspire Advisors LLC trimmed its stake in 3M (NYSE:MMM) by 13.4% in the 4th quarter, HoldingsChannel reports. The firm owned 12,559 shares of the conglomerate’s stock after selling 1,945 shares during the period. Wealthspire Advisors LLC’s holdings in 3M were worth $1,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after purchasing an additional 14,775 shares in the last quarter. Shoker Investment Counsel Inc. raised its position in shares of 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after buying an additional 5,561 shares in the last quarter. MWA Asset Management purchased a new stake in shares of 3M during the 4th quarter valued at about $1,723,000. Diversified Trust Co raised its position in shares of 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after buying an additional 263 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in 3M in the 3rd quarter worth about $11,908,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America reduced their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Wells Fargo & Company reduced their price objective on shares of 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 raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus target price of $103.70.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by company insiders.

3M Price Performance

MMM traded up $0.99 during midday trading on Thursday, hitting $97.34. 2,583,791 shares of the company traded hands, compared to its average volume of 5,808,023. The company has a market capitalization of $53.86 billion, a price-to-earnings ratio of -7.65, a PEG ratio of 1.79 and a beta of 1.00. 3M has a 52-week low of $71.12 and a 52-week high of $99.70. The business has a 50 day simple moving average of $96.40 and a two-hundred day simple moving average of $97.83. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The company 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 quarter in the prior year, the business earned $1.97 EPS. On average, equities analysts forecast that 3M will post 7.23 earnings per share 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.