Financial Perspectives Inc Sells 593 Shares of 3M (NYSE:MMM)

Financial Perspectives Inc cut its stake in 3M (NYSE:MMM) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,261 shares of the conglomerate’s stock after selling 593 shares during the quarter. Financial Perspectives Inc’s holdings in 3M were worth $1,668,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares during the period. Invesco Ltd. grew its position in 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after buying an additional 94,864 shares during the period. Nuance Investments LLC grew its position in 3M by 10.1% during the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after buying an additional 371,935 shares during the period. Pacer Advisors Inc. grew its position in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the period. Finally, Van ECK Associates Corp grew its position in 3M by 20.8% during the third quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after buying an additional 506,654 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Citigroup boosted their target price on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Royal Bank of Canada lowered their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Bank of America lowered their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.00.

3M Price Performance

Shares of MMM stock traded up $0.38 during mid-day trading on Tuesday, hitting $93.00. The company had a trading volume of 3,694,505 shares, compared to its average volume of 5,803,995. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The stock’s 50 day moving average price is $95.72 and its 200-day moving average price is $97.40. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The company has a market capitalization of $51.46 billion, a P/E ratio of -7.36, a P/E/G ratio of 1.63 and a beta of 1.02.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $7.69 billion. During the same quarter in the previous year, the firm earned $2.28 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.49%. 3M’s dividend payout ratio is presently -47.82%.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated 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 $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.38% of the company’s stock.

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.