Strategic Financial Concepts LLC Sells 172,687 Shares of 3M Company (NYSE:MMM)

Strategic Financial Concepts LLC trimmed its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 99.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,462 shares of the conglomerate's stock after selling 172,687 shares during the period. Strategic Financial Concepts LLC's holdings in 3M were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MMM. Brighton Jones LLC raised its stake in 3M by 26.6% in the 4th quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate's stock valued at $1,149,000 after acquiring an additional 1,872 shares during the period. Proficio Capital Partners LLC bought a new stake in 3M in the 4th quarter valued at about $26,000. Steward Partners Investment Advisory LLC raised its stake in 3M by 1.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,020 shares of the conglomerate's stock valued at $5,295,000 after acquiring an additional 452 shares during the period. Victory Capital Management Inc. raised its stake in 3M by 51.2% in the 4th quarter. Victory Capital Management Inc. now owns 609,429 shares of the conglomerate's stock valued at $78,671,000 after acquiring an additional 206,398 shares during the period. Finally, Assetmark Inc. raised its stake in 3M by 80.2% in the 4th quarter. Assetmark Inc. now owns 1,173 shares of the conglomerate's stock valued at $151,000 after acquiring an additional 522 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MMM shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Friday, June 27th. Barclays lifted their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Wells Fargo & Company lifted their target price on 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Tuesday. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and an average target price of $155.83.

3M Stock Down 1.1%

Shares of NYSE MMM opened at $152.23 on Friday. 3M Company has a 12 month low of $98.26 and a 12 month high of $156.35. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The firm has a market capitalization of $81.92 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.99 and a beta of 1.02. The business has a 50-day moving average of $146.63 and a 200-day moving average of $143.57.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's dividend payout ratio is currently 36.87%.

Insider Activity at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

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.

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