Sigma Planning Corp Reduces Stock Position in 3M (NYSE:MMM)

Sigma Planning Corp reduced its position in shares of 3M (NYSE:MMM) by 60.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,723 shares of the conglomerate’s stock after selling 14,969 shares during the period. Sigma Planning Corp’s holdings in 3M were worth $1,063,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Briaud Financial Planning Inc purchased a new stake in 3M in the third quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new stake in 3M in the third quarter worth about $37,000. CGC Financial Services LLC lifted its holdings in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares during the period. VisionPoint Advisory Group LLC lifted its holdings in 3M by 91.9% in 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 period. Finally, Psagot Value Holdings Ltd. Israel purchased a new stake in 3M in the third quarter worth about $44,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Up 0.4 %

NYSE:MMM opened at $92.61 on Tuesday. 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 12 month low of $71.12 and a 12 month high of $95.67. The company has a 50 day simple moving average of $95.72 and a two-hundred day simple moving average of $97.40.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.28 EPS. Sell-side analysts expect that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.52%. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M 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 transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. Wells Fargo & Company lowered their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. lowered their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Finally, Bank of America lowered their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given 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 a consensus rating of “Hold” and an average price target of $104.00.

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.