Clearstead Trust LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Clearstead Trust LLC reduced its stake in shares of 3M (NYSE:MMM) by 14.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,166 shares of the conglomerate’s stock after selling 375 shares during the period. Clearstead Trust LLC’s holdings in 3M were worth $237,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday. UBS Group upped their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Royal Bank of Canada lifted their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Citigroup upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.70.

3M Trading Up 0.4 %

MMM stock traded up $0.34 during midday trading on Friday, reaching $97.15. 4,818,713 shares of the company’s stock traded hands, compared to its average volume of 4,770,578. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The company has a market capitalization of $53.76 billion, a P/E ratio of -7.64, a PEG ratio of 1.78 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 0.76. The business has a 50-day moving average price of $96.14 and a two-hundred day moving average price of $97.71.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analyst estimates 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 last year, the firm earned $1.97 earnings per share. Equities research analysts forecast that 3M will post 7.23 EPS for the current fiscal year.

3M Increases Dividend

The company 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. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. 3M’s dividend payout ratio is -47.48%.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s 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 completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by insiders.

3M Company 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.