Brave Asset Management Inc. Reduces Stock Holdings in 3M (NYSE:MMM)

Brave Asset Management Inc. trimmed its position in 3M (NYSE:MMM) by 9.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,222 shares of the conglomerate’s stock after selling 985 shares during the period. Brave Asset Management Inc.’s holdings in 3M were worth $1,008,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. Financial Freedom LLC purchased a new position in 3M in the fourth quarter worth about $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M during the 3rd quarter valued at approximately $28,000. Briaud Financial Planning Inc bought a new position in shares of 3M during the 3rd quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC bought a new position in shares of 3M during the 3rd quarter valued at approximately $37,000. Finally, CGC Financial Services LLC grew its stake in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MMM shares. Wells Fargo & Company cut their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday. Citigroup cut their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $111.00 to $126.00 in a research note on Tuesday, March 19th. Finally, StockNews.com started coverage on 3M in a report on Wednesday. They issued a “buy” rating on the stock. One research 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’s stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $107.60.

3M Price Performance

NYSE MMM traded up $1.46 during trading hours on Thursday, reaching $106.05. The company’s stock had a trading volume of 4,385,166 shares, compared to its average volume of 5,107,112. The company has a market capitalization of $58.61 billion, a price-to-earnings ratio of -8.40, a PEG ratio of 1.45 and a beta of 1.00. 3M has a 1 year low of $85.35 and a 1 year high of $113.14. The firm’s 50-day moving average price is $96.86 and its 200-day moving average price is $97.78. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.28 EPS. On average, equities research analysts predict that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 5.70%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is -47.82%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’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 transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

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.