Avantax Planning Partners Inc. Has $3.94 Million Stock Holdings in 3M (NYSE:MMM)

Avantax Planning Partners Inc. trimmed its position in shares of 3M (NYSE:MMM) by 3.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,014 shares of the conglomerate’s stock after selling 1,329 shares during the quarter. Avantax Planning Partners Inc.’s holdings in 3M were worth $3,937,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Briaud Financial Planning Inc acquired a new position in shares of 3M in the third quarter worth approximately $35,000. Authentikos Wealth Advisory LLC acquired a new position in shares of 3M in the third quarter worth approximately $37,000. CGC Financial Services LLC lifted its stake in shares of 3M by 89.9% in 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 period. VisionPoint Advisory Group LLC lifted its stake in shares of 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the period. Finally, HHM Wealth Advisors LLC increased its holdings in 3M by 275.6% in the third quarter. HHM Wealth Advisors LLC now owns 477 shares of the conglomerate’s stock worth $45,000 after purchasing an additional 350 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 2.0 %

Shares of NYSE:MMM traded down $1.98 during mid-day trading on Thursday, hitting $99.51. 3,763,366 shares of the company traded hands, compared to its average volume of 5,695,552. The stock has a market cap of $55.06 billion, a P/E ratio of -7.83, a P/E/G ratio of 1.90 and a beta of 1.00. 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 has a 12-month low of $71.12 and a 12-month high of $106.04. The stock has a 50-day moving average price of $97.87 and a two-hundred day moving average price of $98.66.

3M (NYSE:MMM) last announced its earnings results 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 company had revenue of $8 billion for the quarter, compared to analysts’ expectations 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 previous year, the firm earned $1.97 earnings per share. On average, equities research analysts forecast that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be given a $0.70 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.81%. 3M’s dividend payout ratio is currently -47.48%.

Analysts Set New Price Targets

MMM has been the subject of a number of research analyst reports. HSBC upgraded 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Mizuho reiterated a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Citigroup lifted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada lifted their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Finally, Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $107.55.

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.