3M (NYSE:MMM) Shares Sold by Northcape Wealth Management LLC

Northcape Wealth Management LLC lowered its holdings in 3M (NYSE:MMM) by 15.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,083 shares of the conglomerate’s stock after selling 389 shares during the quarter. Northcape Wealth Management LLC’s holdings in 3M were worth $228,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MMM. Briaud Financial Planning Inc acquired a new stake in shares of 3M in the third quarter worth $35,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of 3M in the third quarter worth $37,000. CGC Financial Services LLC increased 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 increased its stake in shares of 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the period. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in 3M during the third quarter valued at $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were 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 of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.38% of the stock is currently owned by corporate insiders.

3M Trading Up 1.8 %

Shares of MMM opened at $98.20 on Wednesday. 3M has a 52-week low of $71.12 and a 52-week high of $98.20. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm’s fifty day moving average is $95.82 and its two-hundred day moving average is $97.54. The stock has a market cap of $54.34 billion, a PE ratio of -7.64, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the company posted $1.97 EPS. Research analysts forecast that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.15%. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is -47.82%.

Analyst Ratings Changes

Several analysts recently commented on MMM shares. Citigroup raised their price target 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. Barclays dropped their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and raised their price target for the company from $110.00 to $111.00 in a research report on Wednesday. Finally, Mizuho reiterated a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.10.

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.