Patriot Financial Group Insurance Agency LLC Sells 807 Shares of 3M (NYSE:MMM)

Patriot Financial Group Insurance Agency LLC cut its stake in shares of 3M (NYSE:MMMFree Report) by 22.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,769 shares of the conglomerate’s stock after selling 807 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in 3M were worth $303,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Freedom LLC bought a new position in shares of 3M during the fourth quarter valued at $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M during the third quarter valued at $28,000. CGC Financial Services LLC increased its holdings in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. Briaud Financial Planning Inc bought a new position in shares of 3M during the third quarter valued at $35,000. Finally, Authentikos Wealth Advisory LLC purchased a new stake in shares of 3M during the third quarter valued at $37,000. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Citigroup dropped their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Barclays raised 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $111.00 to $126.00 in a research report on Tuesday, March 19th. Royal Bank of Canada restated an “underperform” rating and set a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. Finally, StockNews.com started coverage on 3M in a research note on Wednesday, March 27th. They set a “buy” rating for the company. One research 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.com, the company presently has an average rating of “Hold” and an average target price of $107.60.

Get Our Latest Stock Analysis on MMM

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

3M Trading Up 1.4 %

Shares of NYSE:MMM opened at $106.07 on Monday. The stock has a 50 day moving average of $96.82 and a 200 day moving average of $97.76. The company has a market cap of $58.69 billion, a PE ratio of -8.40, a price-to-earnings-growth ratio of 1.50 and a beta of 1.00. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a 12-month low of $85.35 and a 12-month high of $113.14.

3M (NYSE:MMMGet Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the company posted $2.28 EPS. The firm’s revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts expect that 3M will post 9.77 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 5.69%. 3M’s payout ratio is currently -47.82%.

3M Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMMFree Report).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.