Spire Wealth Management cut its holdings in 3M (NYSE: MMM – Get Rating) by 24.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 13,193 shares of the conglomerate’s stock after selling 4,251 shares during the quarter. Spire Wealth Management’s holdings in 3M were worth $ 1,964,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Kovack Advisors Inc. grew its position in shares of 3M by 1.1% in the 4th quarter. Kovack Advisors Inc. now owns 5,191 shares of the conglomerate’s stock valued at $ 922,000 after purchasing an additional 56 shares during the period. HNP Capital LLC grew its position in shares of 3M by 0.8% in the 4th quarter. HNP Capital LLC now owns 6,959 shares of the conglomerate’s stock valued at $ 1,236,000 after purchasing an additional 57 shares during the period. Murphy Middleton Hinkle & Parker Inc. grew its position in shares of 3M by 0.7% in the 4th quarter. Murphy Middleton Hinkle & Parker Inc. now owns 8,960 shares of the conglomerate’s stock valued at $ 1,592,000 after purchasing an additional 60 shares during the period. CRA Financial Services LLC grew its position in shares of 3M by 2.3% in the 4th quarter. CRA Financial Services LLC now owns 2,636 shares of the conglomerate’s stock valued at $ 468,000 after purchasing an additional 60 shares during the period. Finally, Allworth Financial LP lifted its stake in 3M by 0.8% in the 4th quarter. Allworth Financial LP now owns 7,513 shares of the conglomerate’s stock valued at $ 1,335,000 after acquiring an additional 62 shares in the last quarter. Institutional investors and hedge funds own 67.22% of the company stock.
MMM has been the topic of several research reports. Credit Suisse Group cut their target price on 3M from $ 173.00 to $ 161.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 27th. Royal Bank of Canada boosted their target price on 3M from $ 136.00 to $ 138.00 and gave the company an “underperform” rating in a research note on Wednesday, April 27th. Morgan Stanley cut their target price on 3M from $ 150.00 to $ 145.00 and set an “underweight” rating on the stock in a research note on Thursday, April 7th. Jefferies Financial Group cut their target price on 3M from $ 161.00 to $ 145.00 in a research note on Thursday, June 16th. Finally, StockNews.com initiated coverage on 3M in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $ 164.00.
In other 3M news, CEO Michael F. Roman sold 10,610 shares of the company stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $ 146.21, for a total value of $ 1,551,288.10. Following the transaction, the chief executive officer now directly owns 90,361 shares of the company stock, valued at approximately $ 13,211,681.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mojdeh Poul sold 1,634 shares of the company stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $ 151.68, for a total value of $ 247,845.12. Following the completion of the transaction, the insider now directly owns 7,637 shares in the company, valued at $ 1,158,380.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.
MMM opened at $ 130.33 on Wednesday. 3M has a 1-year low of $ 128.19 and a 1-year high of $ 203.21. The stock’s fifty day simple moving average is $ 143.87 and its 200 day simple moving average is $ 154.54. The company has a current ratio of 1.58, a quick ratio of 1.00 and a debt-to-equity ratio of 0.99. The stock has a market cap of $ 74.17 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92.
3M (NYSE: MMM – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $ 2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $ 2.33 by $ 0.32. 3M had a return on equity of 39.35% and a net margin of 15.84%. The business had revenue of $ 8.80 billion for the quarter, compared to analysts’ expectations of $ 8.75 billion. During the same quarter in the prior year, the business earned $ 2.77 EPS. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Equities analysts forecast that 3M will post 10.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were paid a $ 1.49 dividend. This represents a $ 5.96 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date was Thursday, May 19th. 3M’s dividend payout ratio (DPR) is presently 62.02%.
3M Company Profile: (Get Rating)
3M Company operates as a diversified technology company worldwide. It 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.
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