3M (NYSE:MMM) Holdings Cut by Malaga Cove Capital LLC

Malaga Cove Capital LLC cut its stake in shares of 3M (NYSE:MMM) by 25.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,251 shares of the conglomerate’s stock after selling 1,421 shares during the quarter. Malaga Cove Capital LLC’s holdings in 3M were worth $465,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Briaud Financial Planning Inc acquired a new position in 3M during the 3rd quarter valued at about $35,000. Authentikos Wealth Advisory LLC bought a new position in 3M in the 3rd quarter worth approximately $37,000. CGC Financial Services LLC increased its position 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 acquiring an additional 160 shares during the period. VisionPoint Advisory Group LLC raised its stake in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 215 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel acquired a new position in 3M during the 3rd quarter worth $44,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 0.4 %

Shares of 3M stock traded up $0.34 on Friday, reaching $97.15. 4,818,713 shares of the company were exchanged, compared to its average volume of 4,770,578. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The firm has a market capitalization of $53.76 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 1.78 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17. The stock has a fifty day moving average price of $96.14 and a 200-day moving average price of $97.59.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the previous year, the company earned $1.97 EPS. On average, analysts expect that 3M will post 7.23 EPS for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. 3M’s dividend payout ratio (DPR) is currently -47.48%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MMM. Royal Bank of Canada raised their price target on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday. Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Citigroup increased their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Finally, UBS Group increased their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.70.

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.