Axxcess Wealth Management LLC Sells 2,747 Shares of 3M (NYSE:MMM)

Axxcess Wealth Management LLC lowered its position in shares of 3M (NYSE:MMM) by 45.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,358 shares of the conglomerate’s stock after selling 2,747 shares during the period. Axxcess Wealth Management LLC’s holdings in 3M were worth $433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. D.A. Davidson & CO. boosted its stake in 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Meyer Handelman Co. grew its holdings in shares of 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares during the last quarter. FMR LLC raised its position in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. Finally, USA Financial Formulas bought a new stake in 3M in the fourth quarter worth $816,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM stock opened at $150.35 on Friday. The company’s fifty day moving average price is $148.35 and its 200-day moving average price is $137.47. The stock has a market cap of $81.63 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12 month low of $85.62 and a 12 month high of $156.35.

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

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.94%. 3M’s payout ratio is presently 38.68%.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MMM has been the topic of several recent research reports. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and an average price target of $149.13.

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.