Key Financial Inc Reduces Stock Position in 3M (NYSE:MMM)

Key Financial Inc reduced its holdings in 3M (NYSE:MMM) by 9.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,973 shares of the conglomerate’s stock after selling 307 shares during the period. Key Financial Inc’s holdings in 3M were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Financial Freedom LLC purchased a new position in shares of 3M during the 4th quarter worth about $25,000. DHJJ Financial Advisors Ltd. bought a new stake in 3M during the 3rd quarter valued at about $28,000. Briaud Financial Planning Inc bought a new stake in 3M during the 3rd quarter valued at about $35,000. Authentikos Wealth Advisory LLC bought a new stake in 3M during the 3rd quarter valued at about $37,000. Finally, CGC Financial Services LLC lifted its holdings in 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 buying an additional 160 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM stock traded down $0.09 during trading hours on Wednesday, hitting $90.96. The company’s stock had a trading volume of 3,366,495 shares, compared to its average volume of 5,936,472. The company has a 50 day moving average of $95.87 and a 200 day moving average of $97.31. The stock has a market cap of $50.33 billion, a PE ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a 12-month low of $71.12 and a 12-month high of $95.67.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate 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 business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the prior year, the firm earned $2.28 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.64%. 3M’s dividend payout ratio is -47.82%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MMM. JPMorgan Chase & Co. reduced their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday. Citigroup boosted their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company reduced their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Finally, Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $104.00.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.38% of the stock is currently owned by 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.