Ceera Investments LLC Reduces Holdings in 3M (NYSE:MMM)

Ceera Investments LLC cut its stake in shares of 3M (NYSE:MMM) by 11.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,948 shares of the conglomerate’s stock after selling 1,174 shares during the quarter. Ceera Investments LLC’s holdings in 3M were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of MMM. Principal Financial Group Inc. boosted its holdings in 3M by 15.3% during the 3rd quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock valued at $100,758,000 after acquiring an additional 97,741 shares during the period. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in 3M during the 3rd quarter valued at about $205,000. CWA Asset Management Group LLC purchased a new stake in 3M during the 3rd quarter valued at about $3,915,000. Assetmark Inc. boosted its holdings in 3M by 51.0% during the 3rd quarter. Assetmark Inc. now owns 651 shares of the conglomerate’s stock valued at $89,000 after acquiring an additional 220 shares during the period. Finally, Kerusso Capital Management LLC lifted its holdings in 3M by 6.4% in the 3rd quarter. Kerusso Capital Management LLC now owns 22,961 shares of the conglomerate’s stock worth $3,139,000 after buying an additional 1,387 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the subject of several research analyst reports. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of 3M 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 sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael F. Roman sold 49,598 shares of 3M 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 sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

3M Stock Down 0.4 %

MMM stock opened at $146.36 on Friday. 3M has a twelve month low of $78.14 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market cap of $79.46 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The business has a 50 day moving average of $144.51 and a 200 day moving average of $136.23.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the company earned $2.42 EPS. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

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.