Prospect Financial Services LLC Trims Holdings in 3M (NYSE:MMM)

Prospect Financial Services LLC reduced its stake in 3M (NYSE:MMM) by 14.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,631 shares of the conglomerate’s stock after selling 270 shares during the period. Prospect Financial Services LLC’s holdings in 3M were worth $240,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC acquired a new stake in 3M during the fourth quarter worth about $26,000. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M during the 4th quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new position in 3M in the fourth quarter valued at approximately $28,000. Finally, Curat Global LLC purchased a new position in 3M in the first quarter worth approximately $29,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MMM. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. JPMorgan Chase & Co. boosted their price target on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $153.46.

3M Price Performance

3M stock opened at $146.08 on Friday. 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 52-week low of $98.16 and a 52-week high of $156.35. The firm has a market cap of $78.62 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company’s 50 day moving average is $141.22 and its two-hundred day moving average is $141.13.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. 3M’s dividend payout ratio is currently 36.87%.

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.