3M (NYSE:MMM) Shares Purchased by Kovack Advisors Inc.

Kovack Advisors Inc. increased its holdings in 3M (NYSE:MMM) by 20.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,159 shares of the conglomerate’s stock after buying an additional 4,131 shares during the quarter. Kovack Advisors Inc.’s holdings in 3M were worth $2,641,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Briaud Financial Planning Inc purchased a new stake in 3M in the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of 3M during the 3rd quarter valued at approximately $37,000. CGC Financial Services LLC lifted its position in shares of 3M by 89.9% during the 4th 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. VisionPoint Advisory Group LLC lifted its position in shares of 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new position in shares of 3M during the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays decreased their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Wells Fargo & Company cut their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. JPMorgan Chase & Co. cut their target price on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada cut their target price on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given 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, the company presently has an average rating of “Hold” and an average target price of $104.00.

3M Trading Up 0.4 %

NYSE MMM traded up $0.39 during trading on Friday, hitting $91.80. The stock had a trading volume of 4,519,673 shares, compared to its average volume of 5,728,667. The company has a market capitalization of $50.80 billion, a PE ratio of -7.27, a PEG ratio of 1.82 and a beta of 1.02. 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 has a 50 day moving average price of $95.71 and a 200 day moving average price of $97.37. 3M has a twelve month low of $71.12 and a twelve month high of $95.67.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating 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 quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.28 EPS. As a group, equities research analysts forecast that 3M will post 7.87 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.58%. 3M’s payout ratio is presently -47.82%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M 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 transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by corporate insiders.

3M 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.