KCM Investment Advisors LLC cut its stake in shares of 3M Co (NYSE:MMM) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,584 shares of the conglomerate’s stock after selling 6,253 shares during the quarter. 3M comprises approximately 1.1% of KCM Investment Advisors LLC’s investment portfolio, making the stock its 29th biggest holding. KCM Investment Advisors LLC’s holdings in 3M were worth $19,862,000 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 the stock. Braun Bostich & Associates Inc. acquired a new stake in 3M during the 4th quarter worth about $30,000. Kessler Investment Group LLC acquired a new position in shares of 3M in the 4th quarter valued at $35,000. IndexIQ Advisors LLC acquired a new position in shares of 3M in the 4th quarter valued at $35,000. Prestige Wealth Management Group LLC boosted its holdings in 3M by 73.5% during the third quarter. Prestige Wealth Management Group LLC now owns 236 shares of the conglomerate’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Finally, Quantum Capital Management purchased a new stake in 3M during the third quarter worth $45,000. 68.19% of the stock is currently owned by hedge funds and other institutional investors.
MMM has been the topic of several analyst reports. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 price target on the stock in a research report on Tuesday, December 10th. JPMorgan Chase & Co. upgraded 3M from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $143.00 to $150.00 in a research note on Monday, December 23rd. Morgan Stanley reduced their price target on 3M from $175.00 to $156.00 and set an “equal weight” rating for the company in a report on Tuesday, March 17th. UBS Group downgraded 3M from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $180.00 to $160.00 in a research report on Thursday, December 12th. Finally, Citigroup dropped their price objective on 3M from $180.00 to $176.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $172.33.
NYSE MMM traded up $2.56 during mid-day trading on Thursday, hitting $134.10. The stock had a trading volume of 2,109,963 shares, compared to its average volume of 7,373,707. The firm’s 50 day moving average is $149.59 and its 200 day moving average is $164.42. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.41 and a quick ratio of 0.96. The stock has a market capitalization of $76.32 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.55 and a beta of 1.08. 3M Co has a twelve month low of $114.04 and a twelve month high of $219.75.
3M (NYSE:MMM) last released its earnings results on Tuesday, January 28th. The conglomerate reported $1.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.15). The business had revenue of $8.11 billion for the quarter, compared to analysts’ expectations of $8.12 billion. 3M had a return on equity of 51.39% and a net margin of 14.22%. 3M’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.31 EPS. As a group, equities research analysts expect that 3M Co will post 9 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 14th were paid a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 4.38%. The ex-dividend date was Thursday, February 13th. This is a boost from 3M’s previous quarterly dividend of $1.44. 3M’s dividend payout ratio is currently 64.62%.
In other 3M news, EVP Michael G. Vale sold 6,250 shares of 3M stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $159.17, for a total transaction of $994,812.50. Following the transaction, the executive vice president now directly owns 53,804 shares of the company’s stock, valued at $8,563,982.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael F. Roman sold 8,906 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $162.00, for a total transaction of $1,442,772.00. Following the completion of the transaction, the chief executive officer now owns 48,152 shares in the company, valued at $7,800,624. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,123 shares of company stock valued at $2,748,744. 0.83% of the stock is owned by insiders.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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