Avidian Wealth Solutions LLC Cuts Stock Position in 3M (NYSE:MMM)

Avidian Wealth Solutions LLC cut its holdings in shares of 3M (NYSE:MMM) by 6.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,220 shares of the conglomerate’s stock after selling 336 shares during the period. Avidian Wealth Solutions LLC’s holdings in 3M were worth $571,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Avalon Trust Co increased its stake in shares of 3M by 6.7% during the fourth quarter. Avalon Trust Co now owns 3,200 shares of the conglomerate’s stock worth $350,000 after buying an additional 200 shares during the period. AJOVista LLC purchased a new position in 3M in the fourth quarter valued at approximately $240,000. Sapient Capital LLC purchased a new position in 3M in the fourth quarter valued at approximately $886,000. Axxcess Wealth Management LLC increased its stake in 3M by 83.8% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,111 shares of the conglomerate’s stock valued at $559,000 after purchasing an additional 2,330 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC increased its stake in 3M by 115.3% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 20,117 shares of the conglomerate’s stock valued at $2,199,000 after purchasing an additional 10,774 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Up 0.0 %

3M stock traded up $0.02 during midday trading on Monday, hitting $97.17. 1,780,250 shares of the company were exchanged, compared to its average volume of 5,857,621. The company’s fifty day moving average price is $96.14 and its 200-day moving average price is $97.71. The company has a market cap of $53.77 billion, a PE ratio of -7.64, a price-to-earnings-growth ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.22%. 3M’s payout ratio is currently -47.48%.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on MMM shares. Barclays dropped their price target 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 decreased their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Bank of America dropped their price target on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada lifted their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.70.

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.