SeaCrest Wealth Management LLC Lowers Stock Holdings in 3M (NYSE:MMM)

SeaCrest Wealth Management LLC cut its holdings in shares of 3M (NYSE:MMM) by 5.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,248 shares of the conglomerate’s stock after selling 647 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in 3M were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Freedom LLC purchased a new position in shares of 3M in the 4th quarter worth $25,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of 3M in the 3rd quarter valued at about $28,000. Briaud Financial Planning Inc purchased a new stake in shares of 3M during the 3rd quarter worth about $35,000. Authentikos Wealth Advisory LLC acquired a new stake in 3M during the 3rd quarter worth approximately $37,000. Finally, CGC Financial Services LLC raised its holdings in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s 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 transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

NYSE:MMM traded up $1.46 during midday trading on Thursday, reaching $106.05. 4,385,166 shares of the company traded hands, compared to its average volume of 5,107,112. The firm has a market capitalization of $58.61 billion, a price-to-earnings ratio of -8.40, a price-to-earnings-growth ratio of 1.45 and a beta of 1.00. The company has a fifty day moving average price of $96.86 and a 200 day moving average price of $97.78. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a twelve month low of $85.35 and a twelve month high of $113.14.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.28 earnings per share. On average, analysts expect that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup reduced their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Wells Fargo & Company lowered their target price 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 reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday. Royal Bank of Canada reaffirmed an “underperform” rating and set a $84.00 price target on shares of 3M in a report on Wednesday, March 20th. Finally, StockNews.com assumed coverage on shares of 3M in a report on Wednesday. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $107.60.

3M 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.