Mission Wealth Management LP Sells 401 Shares of 3M (NYSE:MMM)

Mission Wealth Management LP decreased its position in shares of 3M (NYSE:MMM) by 7.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,691 shares of the conglomerate’s stock after selling 401 shares during the period. Mission Wealth Management LP’s holdings in 3M were worth $513,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Briaud Financial Planning Inc purchased a new position in 3M during the third quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of 3M in the third quarter worth about $37,000. CGC Financial Services LLC lifted its position 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 buying an additional 160 shares in the last quarter. VisionPoint Advisory Group LLC boosted its stake in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new position in 3M during the 3rd quarter valued at approximately $44,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent research reports. UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Barclays decreased their target price 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. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $111.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued 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, 3M presently has a consensus rating of “Hold” and an average target price of $103.70.

3M Stock Down 1.6 %

Shares of NYSE:MMM opened at $96.84 on Friday. 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 simple moving average of $96.05 and a two-hundred day simple moving average of $97.54. 3M has a 1 year low of $71.12 and a 1 year high of $99.70. The firm has a market capitalization of $53.59 billion, a PE ratio of -7.61, a price-to-earnings-growth ratio of 2.17 and a beta of 1.00.

3M (NYSE:MMM) last posted its quarterly earnings data 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. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the business earned $1.97 EPS. On average, equities analysts predict that 3M will post 7.05 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 6.24%. 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 -47.48%.

Insider Activity at 3M

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

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.