Southland Equity Partners LLC Decreases Stake in 3M (NYSE:MMM)

Southland Equity Partners LLC cut its holdings in 3M (NYSE:MMM) by 5.3% during the first quarter, Holdings Channel reports. The institutional investor owned 1,765 shares of the conglomerate’s stock after selling 99 shares during the quarter. Southland Equity Partners LLC’s holdings in 3M were worth $259,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its position in 3M by 26.6% during the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock worth $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in 3M by 14.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 209,848 shares of the conglomerate’s stock worth $27,214,000 after purchasing an additional 25,895 shares in the last quarter. Van ECK Associates Corp boosted its position in 3M by 5.7% during the fourth quarter. Van ECK Associates Corp now owns 93,938 shares of the conglomerate’s stock worth $12,126,000 after purchasing an additional 5,026 shares in the last quarter. Avestar Capital LLC boosted its position in 3M by 7.6% during the fourth quarter. Avestar Capital LLC now owns 2,998 shares of the conglomerate’s stock worth $387,000 after purchasing an additional 211 shares in the last quarter. Finally, Catalyst Financial Partners LLC boosted its position in 3M by 29.2% during the fourth quarter. Catalyst Financial Partners LLC now owns 2,361 shares of the conglomerate’s stock worth $305,000 after purchasing an additional 533 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 1.8%

NYSE:MMM opened at $142.17 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. The business’s 50 day moving average is $142.25 and its two-hundred day moving average is $141.77. 3M has a 52 week low of $98.26 and a 52 week high of $156.35. The company has a market cap of $76.51 billion, a PE ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s dividend payout ratio (DPR) is 36.87%.

Analysts Set New Price Targets

A number of research firms have commented on MMM. Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Barclays boosted their target price on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average target price of $155.83.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

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.