SeaCrest Wealth Management LLC Sells 226 Shares of 3M (NYSE:MMM)

SeaCrest Wealth Management LLC lessened its position in 3M (NYSE:MMM) by 2.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,662 shares of the conglomerate’s stock after selling 226 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in 3M were worth $1,272,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Procyon Advisors LLC bought a new position in shares of 3M during the 1st quarter worth about $266,000. Insight Advisors LLC PA bought a new stake in 3M during the first quarter worth about $214,000. Curat Global LLC bought a new stake in 3M during the first quarter worth about $29,000. Generali Investments Management Co LLC lifted its position in shares of 3M by 1,099.0% during the first quarter. Generali Investments Management Co LLC now owns 7,002 shares of the conglomerate’s stock worth $1,028,000 after purchasing an additional 6,418 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of 3M by 4.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,950 shares of the conglomerate’s stock worth $727,000 after purchasing an additional 222 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MMM shares. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Royal Bank of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Citigroup upped their price target on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $153.46.

3M Stock Performance

Shares of MMM opened at $145.58 on Friday. The firm has a 50-day moving average of $141.18 and a 200-day moving average of $141.25. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market cap of $78.35 billion, a PE ratio of 19.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.03. 3M has a one year low of $98.26 and a one year high of $156.35.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. As a group, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.01%. 3M’s dividend payout ratio (DPR) is 36.87%.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.