Legacy Capital Group California Inc. Sells 2,503 Shares of 3M (NYSE:MMM)

Legacy Capital Group California Inc. decreased its position in 3M (NYSE:MMM) by 48.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,716 shares of the conglomerate’s stock after selling 2,503 shares during the quarter. Legacy Capital Group California Inc.’s holdings in 3M were worth $371,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MMM. Wealthcare Advisory Partners LLC grew its stake in shares of 3M by 20.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock valued at $1,696,000 after buying an additional 2,741 shares in the last quarter. Grimes & Company Inc. grew its stake in shares of 3M by 3.5% in the 1st quarter. Grimes & Company Inc. now owns 8,945 shares of the conglomerate’s stock valued at $949,000 after buying an additional 301 shares in the last quarter. Ridgecrest Wealth Partners LLC bought a new stake in shares of 3M in the 1st quarter valued at approximately $214,000. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its stake in shares of 3M by 20.0% in the 1st quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 6,110 shares of the conglomerate’s stock valued at $648,000 after buying an additional 1,017 shares in the last quarter. Finally, Iron Horse Wealth Management LLC grew its stake in shares of 3M by 505.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 611 shares of the conglomerate’s stock valued at $65,000 after buying an additional 510 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $124.73 on Friday. The business has a fifty day simple moving average of $133.05 and a 200 day simple moving average of $113.65. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $68.52 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 2.42 and a beta of 0.95. 3M has a one year low of $72.47 and a one year high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 earnings per share. Sell-side analysts expect that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.24%. 3M’s dividend payout ratio is currently 35.35%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $135.67.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their position. 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.