Choreo LLC Has $5.89 Million Stake in 3M (NYSE:MMM)

Choreo LLC boosted its holdings in shares of 3M (NYSE:MMM) by 7.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,854 shares of the conglomerate’s stock after purchasing an additional 3,927 shares during the period. Choreo LLC’s holdings in 3M were worth $5,887,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Briaud Financial Planning Inc bought a new stake in shares of 3M in the third quarter worth $35,000. Authentikos Wealth Advisory LLC bought a new position in shares of 3M during the third quarter worth about $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 boosted its holdings in 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 acquiring an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in 3M during the 3rd quarter valued at approximately $44,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MMM. JPMorgan Chase & Co. decreased their price target on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday. Citigroup raised their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada cut their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Performance

Shares of NYSE MMM traded up $0.36 during mid-day trading on Monday, reaching $92.19. 1,597,168 shares of the company’s stock were exchanged, compared to its average volume of 5,676,700. 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 firm has a market capitalization of $51.01 billion, a price-to-earnings ratio of -7.29, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The firm has a 50-day moving average price of $95.71 and a two-hundred day moving average price of $97.46.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

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.