Carnegie Capital Asset Management LLC Sells 140 Shares of 3M (NYSE:MMM)

Carnegie Capital Asset Management LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,255 shares of the conglomerate’s stock after selling 140 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in 3M were worth $1,121,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MMM. Moneta Group Investment Advisors LLC grew its holdings in shares of 3M by 73,903.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after purchasing an additional 6,647,593 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at approximately $369,974,000. Renaissance Technologies LLC grew its holdings in shares of 3M by 1,889.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after purchasing an additional 1,288,400 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of several research reports. Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Barclays cut their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $103.50.

3M Stock Down 0.3 %

Shares of NYSE MMM opened at $91.05 on Wednesday. The company has a market capitalization of $50.38 billion, a P/E ratio of -7.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company’s 50 day moving average price is $95.87 and its 200-day moving average price is $97.31.

3M (NYSE:MMM) last released its earnings results 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 negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the company earned $2.28 EPS. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts forecast that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.63%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is presently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is currently owned by company insiders.

3M Company 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.