Choreo LLC Has $5.89 Million Stock Holdings in 3M (NYSE:MMM)

Choreo LLC grew its position in shares of 3M (NYSE:MMM) by 7.9% in the 4th quarter, Holdings Channel reports. The firm owned 53,854 shares of the conglomerate’s stock after acquiring an additional 3,927 shares during the quarter. Choreo LLC’s holdings in 3M were worth $5,887,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Citigroup upped their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays reduced their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Royal Bank of Canada reduced their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. dropped 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $104.00.

3M Stock Performance

Shares of NYSE MMM traded up $0.36 during mid-day trading on Monday, reaching $92.19. 1,597,168 shares of the company’s stock were exchanged, compared to its average volume of 5,676,700. The firm has a 50-day moving average price of $95.71 and a two-hundred day moving average price of $97.46. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm has a market capitalization of $51.01 billion, a price-to-earnings ratio of -7.29, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. 3M has a 52 week low of $71.12 and a 52 week high of $95.67.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.55%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.38% 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.