3M (NYSE:MMM) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its stake in 3M (NYSE:MMM) by 11.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,500 shares of the conglomerate’s stock after selling 2,600 shares during the quarter. Cornerstone Advisors LLC’s holdings in 3M were worth $2,241,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CGC Financial Services LLC raised its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in shares of 3M in the third quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in 3M during the third quarter worth approximately $37,000. VisionPoint Advisory Group LLC boosted its stake in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after buying an additional 215 shares during the last quarter. Finally, HHM Wealth Advisors LLC grew its holdings in 3M by 275.6% in the 3rd quarter. HHM Wealth Advisors LLC now owns 477 shares of the conglomerate’s stock valued at $45,000 after buying an additional 350 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent research reports. Mizuho reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Citigroup upped their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Royal Bank of Canada upped their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company dropped their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $107.55.

3M Stock Down 0.0 %

Shares of MMM stock opened at $105.23 on Tuesday. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The business’s 50 day moving average is $97.83 and its two-hundred day moving average is $98.57.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the firm earned $1.97 earnings per share. Sell-side analysts expect that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.66%. 3M’s dividend payout ratio (DPR) is presently -47.48%.

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.