Everett Harris & Co. CA Cuts Stock Holdings in 3M (NYSE:MMM)

Everett Harris & Co. CA trimmed its position in shares of 3M (NYSE:MMM) by 10.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares during the period. McIlrath & Eck LLC raised its stake in shares of 3M by 13.3% during the 4th quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 98 shares during the period. Orion Portfolio Solutions LLC raised its stake in shares of 3M by 1.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock worth $1,182,000 after purchasing an additional 98 shares during the period. Vestcor Inc raised its stake in shares of 3M by 0.8% during the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock worth $1,575,000 after purchasing an additional 102 shares during the period. Finally, Bollard Group LLC raised its stake in shares of 3M by 2.0% during the 2nd quarter. Bollard Group LLC now owns 5,191 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 103 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

3M Price Performance

Shares of MMM traded up $1.46 during midday trading on Thursday, hitting $106.05. 4,385,166 shares of the company traded hands, compared to its average volume of 5,107,112. The stock has a 50-day moving average of $96.86 and a 200-day moving average of $97.78. 3M has a one year low of $85.35 and a one year high of $113.14. The firm has a market cap of $58.61 billion, a P/E ratio of -8.40, a PEG ratio of 1.45 and a beta of 1.00. 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 announced 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. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the prior year, the business posted $2.28 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts predict that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This is a positive change 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 dividend yield of 5.70%. 3M’s payout ratio is presently -47.82%.

Analyst Ratings Changes

MMM has been the topic of a number of recent analyst reports. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. Mizuho restated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday. Citigroup lowered their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada restated an “underperform” rating and issued a $84.00 price objective on shares of 3M in a research note on Wednesday, March 20th. Finally, StockNews.com began coverage on 3M in a research note on Wednesday. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.