3M (NYSE:MMM) Shares Sold by CPA Asset Management LLC

CPA Asset Management LLC decreased its holdings in shares of 3M (NYSE:MMM) by 24.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,869 shares of the conglomerate’s stock after selling 929 shares during the period. CPA Asset Management LLC’s holdings in 3M were worth $314,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of MMM. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares during the period. Orion Portfolio Solutions LLC lifted its position in shares of 3M by 1.2% in the first 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 in the last quarter. McIlrath & Eck LLC boosted its holdings in 3M by 13.3% during the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 98 shares during the last quarter. Vestcor Inc grew its position in 3M by 0.8% in the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after purchasing an additional 102 shares in the last quarter. Finally, Bollard Group LLC lifted its position in 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 buying an additional 103 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday. Citigroup lowered their price target on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada restated an “underperform” rating and issued a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. Wells Fargo & Company dropped their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $111.00 to $126.00 in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $107.60.

3M Price Performance

Shares of NYSE:MMM traded up $1.11 during trading on Thursday, reaching $105.70. 1,814,421 shares of the company traded hands, compared to its average volume of 5,063,121. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. 3M has a 52 week low of $85.35 and a 52 week high of $113.14. The firm has a market capitalization of $58.42 billion, a PE ratio of -8.35, a PEG ratio of 1.45 and a beta of 1.00. The company’s 50 day moving average is $96.89 and its two-hundred day moving average is $97.74.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the firm earned $2.28 EPS. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 9.77 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. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

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.