SeaCrest Wealth Management LLC Sells 226 Shares of 3M (NYSE:MMM)

SeaCrest Wealth Management LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 2.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,662 shares of the conglomerate’s stock after selling 226 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in 3M were worth $1,272,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MMM. Proficio Capital Partners LLC bought a new stake in shares of 3M in the 4th quarter valued at $26,000. REAP Financial Group LLC raised its holdings in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter worth $27,000. Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter worth $28,000. Finally, Curat Global LLC bought a new stake in shares of 3M in the 1st quarter worth $29,000. 65.25% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Down 0.5%

Shares of 3M stock opened at $145.58 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a 52-week low of $98.26 and a 52-week high of $156.35. The stock has a market capitalization of $78.35 billion, a price-to-earnings ratio of 19.28, a P/E/G ratio of 3.30 and a beta of 1.03. The company’s 50 day moving average price is $141.18 and its 200-day moving average price is $141.25.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Equities research analysts forecast that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.01%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Analysts Set New Price Targets

A number of analysts recently issued reports on MMM shares. Barclays raised their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Royal Bank of Canada increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Citigroup raised their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $153.46.

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.