Ameriprise Financial Inc. Sells 848,569 Shares of 3M (NYSE:MMM)

Ameriprise Financial Inc. cut its stake in 3M (NYSE:MMM - Free Report) by 37.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,431,205 shares of the conglomerate's stock after selling 848,569 shares during the quarter. Ameriprise Financial Inc. owned about 0.26% of 3M worth $184,841,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Life Planners bought a new stake in 3M during the 4th quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its stake in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares during the period. ORG Partners LLC raised its holdings in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in 3M by 81.5% during the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate's stock valued at $47,000 after buying an additional 163 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 1.9 %

MMM opened at $138.15 on Wednesday. 3M has a twelve month low of $95.01 and a twelve month high of $156.35. 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 firm has a 50 day moving average price of $141.95 and a 200-day moving average price of $138.42. The stock has a market capitalization of $74.35 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. Equities research analysts forecast that 3M will post 7.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup reduced their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $147.00.

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.

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