Clearstead Trust LLC Has $237,000 Stock Position in 3M (NYSE:MMM)

Clearstead Trust LLC reduced its stake in shares of 3M (NYSE:MMM) by 14.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,166 shares of the conglomerate’s stock after selling 375 shares during the quarter. Clearstead Trust LLC’s holdings in 3M were worth $237,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the period. Invesco Ltd. grew its position in shares of 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after buying an additional 94,864 shares during the period. Nuance Investments LLC lifted its holdings in shares of 3M by 10.1% during the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after purchasing an additional 371,935 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after purchasing an additional 506,654 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on MMM. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $111.00 in a report on Wednesday. Royal Bank of Canada lifted their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday. Finally, Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $103.70.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

3M Stock Up 0.4 %

Shares of 3M stock traded up $0.34 on Friday, reaching $97.15. 4,818,713 shares of the company were exchanged, compared to its average volume of 4,770,578. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17. The company has a market capitalization of $53.76 billion, a price-to-earnings ratio of -7.64, a PEG ratio of 1.78 and a beta of 1.00. 3M has a one year low of $71.12 and a one year high of $99.70. The company has a 50-day moving average of $96.14 and a 200 day moving average of $97.71.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the firm earned $1.97 EPS. On average, equities research analysts forecast that 3M will post 7.23 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. This is a positive change 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 currently -47.48%.

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.