United Asset Strategies Inc. Increases Stock Holdings in 3M (NYSE:MMM)

United Asset Strategies Inc. increased its stake in shares of 3M (NYSE:MMM) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,973 shares of the conglomerate’s stock after purchasing an additional 235 shares during the quarter. United Asset Strategies Inc.’s holdings in 3M were worth $653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Financial Freedom LLC purchased a new stake in shares of 3M in the fourth quarter valued at about $25,000. DHJJ Financial Advisors Ltd. acquired a new position in 3M during the 3rd quarter worth approximately $28,000. Briaud Financial Planning Inc purchased a new position in shares of 3M during the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of 3M in the 3rd quarter valued at approximately $37,000. Finally, CGC Financial Services LLC boosted 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 valued at $37,000 after buying an additional 160 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MMM. Citigroup boosted their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Bank of America reduced their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Finally, StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $103.50.

3M Trading Down 0.3 %

Shares of MMM opened at $91.05 on Wednesday. The stock has a fifty day moving average of $95.87 and a two-hundred day moving average of $97.31. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company has a market capitalization of $50.38 billion, a PE ratio of -7.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.28 EPS. As a group, analysts forecast that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 6.63%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is -47.82%.

Insider Buying and Selling

In other 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 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 accessible through the SEC website. 0.38% of the stock is owned by corporate insiders.

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.