AlphaCore Capital LLC Sells 2,879 Shares of 3M Company (NYSE:MMM)

Key Points

• AlphaCore Capital LLC has significantly reduced its stake in 3M Company by 74.7%, holding only 977 shares after selling 2,879 shares during the first quarter.
$2.16, exceeding the consensus estimate by $0.15, with a revenue of $6.16 billion.
• The company recently announced a quarterly dividend of $0.73 per share, with a 1.9% yield and a payout ratio of 40.61%.

AlphaCore Capital LLC trimmed its stake in 3M Company (NYSE:MMM - Free Report) by 74.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 977 shares of the conglomerate's stock after selling 2,879 shares during the quarter. AlphaCore Capital LLC's holdings in 3M were worth $143,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Ensign Peak Advisors Inc increased its holdings in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after acquiring an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. bought a new stake in 3M during the 1st quarter worth approximately $2,506,000. Synergy Asset Management LLC increased its holdings in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock worth $663,000 after acquiring an additional 2,486 shares during the period. Northstar Group Inc. bought a new stake in 3M during the 1st quarter worth approximately $262,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in 3M during the 1st quarter worth approximately $786,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,316 shares of company stock worth $3,780,296. 0.48% of the stock is currently owned by corporate insiders.

3M Trading Up 1.5%

MMM traded up $2.41 during trading on Wednesday, hitting $160.26. 3,131,997 shares of the stock traded hands, compared to its average volume of 3,858,803. The firm has a market capitalization of $85.36 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 3.01 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The firm has a 50-day moving average of $150.35 and a 200 day moving average of $147.06. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 EPS. Equities research analysts anticipate that 3M Company will post 7.8 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Citigroup upped their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Barclays set a $170.00 price target on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a report on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $158.10.

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.