Everett Harris & Co. CA Sells 945 Shares of 3M (NYSE:MMM)

Everett Harris & Co. CA lowered its stake in shares of 3M (NYSE:MMM) by 10.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,476 shares of the conglomerate’s stock after selling 945 shares during the quarter. Everett Harris & Co. CA’s holdings in 3M were worth $927,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Financial Freedom LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M during the 3rd quarter valued at approximately $28,000. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new position in 3M in the 3rd quarter valued at $37,000. Finally, CGC Financial Services LLC grew its position in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.4 %

Shares of MMM stock traded up $1.46 during mid-day trading on Thursday, hitting $106.05. The stock had a trading volume of 4,385,166 shares, compared to its average volume of 5,107,112. 3M has a 12-month low of $85.35 and a 12-month high of $113.14. The firm has a market capitalization of $58.61 billion, a P/E ratio of -8.40, a price-to-earnings-growth ratio of 1.45 and a beta of 1.00. The firm’s 50-day moving average is $96.86 and its two-hundred day moving average is $97.78. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.28 EPS. On average, analysts predict that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is -47.82%.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MMM has been the topic of several research analyst reports. Barclays raised 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $111.00 to $126.00 in a research report on Tuesday, March 19th. StockNews.com initiated coverage on 3M in a research report on Wednesday. They issued a “buy” rating on the stock. Wells Fargo & Company cut their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday. Finally, Citigroup cut their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $107.60.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.