Carnegie Capital Asset Management LLC Sells 140 Shares of 3M (NYSE:MMM)

Carnegie Capital Asset Management LLC lowered its holdings in shares of 3M (NYSE:MMM) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,255 shares of the conglomerate’s stock after selling 140 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in 3M were worth $1,121,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Financial Freedom LLC acquired a new position in 3M in the 4th quarter valued at $25,000. DHJJ Financial Advisors Ltd. acquired a new position in 3M in the 3rd quarter valued at $28,000. Briaud Financial Planning Inc acquired a new position in 3M in the 3rd quarter valued at $35,000. Authentikos Wealth Advisory LLC acquired a new position in 3M in the 3rd quarter valued at $37,000. Finally, CGC Financial Services LLC grew its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of a number of research analyst reports. Barclays lowered their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Royal Bank of Canada dropped their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Citigroup boosted their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company dropped their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Finally, Bank of America dropped their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus price target of $103.50.

3M Stock Performance

NYSE MMM opened at $91.05 on Wednesday. The stock has a market cap of $50.38 billion, a P/E ratio of -7.21, a PEG ratio of 1.61 and a beta of 1.02. The company’s 50-day simple moving average is $95.87 and its 200 day simple moving average is $97.31. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. 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 (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates 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 for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.28 earnings per share. As a group, research analysts forecast that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.63%. 3M’s payout ratio is -47.82%.

About 3M

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.