Knowledge Leaders Capital LLC Sells 354 Shares of 3M (NYSE:MMM)

Knowledge Leaders Capital LLC lessened its stake in shares of 3M (NYSE:MMM) by 3.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,029 shares of the conglomerate’s stock after selling 354 shares during the period. 3M makes up approximately 1.9% of Knowledge Leaders Capital LLC’s portfolio, making the stock its 24th biggest position. Knowledge Leaders Capital LLC’s holdings in 3M were worth $1,206,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CGC Financial Services LLC grew its stake in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares during the last quarter. Briaud Financial Planning Inc bought a new stake in shares of 3M during the third quarter worth $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of 3M during the third quarter worth $37,000. VisionPoint Advisory Group LLC grew its stake in shares of 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after buying an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel bought a new stake in shares of 3M in the third quarter worth $44,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.5 %

Shares of NYSE MMM traded up $0.42 during trading on Friday, hitting $91.83. 4,520,901 shares of the company traded hands, compared to its average volume of 4,283,067. The business’s fifty day moving average is $95.71 and its 200 day moving average is $97.37. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67. The firm has a market capitalization of $50.82 billion, a price-to-earnings ratio of -7.27, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the business earned $2.28 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts predict that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is currently -47.82%.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’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 sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on MMM shares. Barclays reduced their price objective 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. Wells Fargo & Company reduced their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Citigroup upped their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Royal Bank of Canada cut their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus price target of $104.00.

3M 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.