Moors & Cabot Inc. Has $2.64 Million Stock Position in 3M (NYSE:MMM)

Moors & Cabot Inc. increased its position in shares of 3M (NYSE:MMM) by 17.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,416 shares of the conglomerate’s stock after buying an additional 2,996 shares during the quarter. Moors & Cabot Inc.’s holdings in 3M were worth $2,636,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MMM. FMR LLC raised its stake in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. Amundi raised its stake in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of 3M in the fourth quarter worth approximately $103,788,000. Jennison Associates LLC purchased a new stake in shares of 3M in the third quarter worth approximately $82,208,000. Finally, Parsifal Capital Management LP raised its stake in shares of 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after purchasing an additional 526,194 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 over the last three months. Company insiders own 0.38% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $150.29 on Thursday. The stock has a fifty day simple moving average of $145.68 and a two-hundred day simple moving average of $136.63. 3M has a 1-year low of $82.94 and a 1-year high of $156.35. The firm has a market cap of $81.59 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the company earned $2.42 earnings per share. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. Analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

3M Company Profile

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.