Bay Colony Advisory Group Inc d b a Bay Colony Advisors Has $303,000 Stock Holdings in 3M (NYSE:MMM)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors trimmed its position in shares of 3M (NYSE:MMM) by 5.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,347 shares of the conglomerate’s stock after selling 140 shares during the quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in 3M were worth $303,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MMM. FMR LLC boosted its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of 3M during the fourth quarter valued at about $103,788,000. Jennison Associates LLC acquired a new stake in shares of 3M during the third quarter valued at about $82,208,000. Parsifal Capital Management LP raised its position in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after acquiring an additional 526,194 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MMM. Citigroup raised their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Stock Down 0.4 %

Shares of NYSE:MMM opened at $146.36 on Friday. The stock has a market cap of $79.46 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $78.14 and a 12-month high of $156.35. The business’s 50 day moving average is $144.51 and its 200 day moving average is $136.23.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.00%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

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.