MONECO Advisors LLC Sells 1,374 Shares of 3M (NYSE:MMM)

MONECO Advisors LLC lowered its stake in shares of 3M (NYSE:MMM) by 28.9% during the fourth quarter, Holdings Channel reports. The fund owned 3,386 shares of the conglomerate’s stock after selling 1,374 shares during the period. MONECO Advisors LLC’s holdings in 3M were worth $370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Briaud Financial Planning Inc acquired a new stake in shares of 3M in the third quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of 3M in the 3rd quarter valued at $37,000. CGC Financial Services LLC raised its position in shares of 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 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 in the third quarter worth about $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MMM. Citigroup raised their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays lowered their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Royal Bank of Canada raised their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday. Bank of America dropped their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $111.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average price target of $103.70.

3M Price Performance

Shares of NYSE MMM opened at $98.42 on Thursday. The company has a fifty day moving average price of $95.96 and a 200 day moving average price of $97.55. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The firm has a market cap of $54.46 billion, a PE ratio of -7.74, a PEG ratio of 2.13 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17.

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, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to the consensus estimate 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 period last year, the company earned $1.97 earnings per share. Research analysts predict that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.14%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.48%.

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.34% of the company’s stock.

About 3M

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.