SteelPeak Wealth LLC Sells 36,285 Shares of 3M (NYSE:MMM)

SteelPeak Wealth LLC lessened its holdings in 3M (NYSE:MMM - Free Report) by 44.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,929 shares of the conglomerate's stock after selling 36,285 shares during the period. SteelPeak Wealth LLC's holdings in 3M were worth $5,021,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MMM. Financial Freedom LLC bought a new position in shares of 3M in the 4th quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M in the 3rd quarter worth approximately $28,000. Briaud Financial Planning Inc bought a new position in shares of 3M in the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC bought a new position in shares of 3M in the 3rd quarter worth approximately $37,000. Finally, CGC Financial Services LLC raised its stake in 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate's stock worth $37,000 after acquiring an additional 160 shares during the period. Institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MMM. Barclays decreased their target price on shares of 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a research note on Tuesday. Royal Bank of Canada decreased their target price on shares of 3M from $84.00 to $78.00 and set an "underperform" rating on the stock in a research note on Tuesday. StockNews.com began coverage on shares of 3M in a research note on Thursday. They set a "buy" rating on the stock. Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 24th. Finally, Citigroup decreased their target price on shares of 3M from $117.00 to $104.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, 3M currently has an average rating of "Hold" and a consensus price target of $104.10.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm's stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares of the company's stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.34% of the stock is currently owned by insiders.

3M Price Performance

MMM traded down $2.65 during trading on Thursday, reaching $90.54. 5,849,591 shares of the company traded hands, compared to its average volume of 6,271,998. The firm has a fifty day simple moving average of $96.47 and a 200 day simple moving average of $97.59. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company has a market cap of $50.10 billion, a P/E ratio of -7.39, a PEG ratio of 1.37 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the firm posted $2.28 earnings per share. 3M's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts forecast that 3M will post 9.37 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M's previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.67%. 3M's dividend payout ratio (DPR) is -47.82%.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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