CPA Asset Management LLC Sells 929 Shares of 3M (NYSE:MMM)

CPA Asset Management LLC lessened its stake in shares of 3M (NYSE:MMM) by 24.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,869 shares of the conglomerate’s stock after selling 929 shares during the quarter. CPA Asset Management LLC’s holdings in 3M were worth $314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Westbourne Investment Advisors Inc. acquired a new stake in shares of 3M in the fourth quarter valued at $221,000. Northstar Advisory Group LLC raised its stake in shares of 3M by 42.2% in the fourth quarter. Northstar Advisory Group LLC now owns 3,557 shares of the conglomerate’s stock worth $389,000 after acquiring an additional 1,055 shares during the last quarter. Spring Capital Management LLC lifted its position in shares of 3M by 12.3% during the fourth quarter. Spring Capital Management LLC now owns 23,657 shares of the conglomerate’s stock worth $2,586,000 after purchasing an additional 2,594 shares in the last quarter. Cresta Advisors Ltd. grew its stake in shares of 3M by 16.7% during the fourth quarter. Cresta Advisors Ltd. now owns 3,500 shares of the conglomerate’s stock valued at $383,000 after purchasing an additional 500 shares during the last quarter. Finally, Waterway Wealth Management LLC acquired a new stake in shares of 3M in the fourth quarter valued at approximately $324,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Up 1.1 %

Shares of NYSE MMM traded up $1.11 during trading hours on Thursday, hitting $105.70. The company had a trading volume of 1,814,421 shares, compared to its average volume of 5,063,121. The firm’s 50 day moving average is $96.89 and its 200-day moving average is $97.74. 3M has a 1-year low of $85.35 and a 1-year high of $113.14. The stock has a market capitalization of $58.42 billion, a P/E ratio of -8.35, a price-to-earnings-growth ratio of 1.45 and a beta of 1.00. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

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

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is presently -47.82%.

Analyst Ratings Changes

A number of brokerages have commented on MMM. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $111.00 to $126.00 in a research report on Tuesday, March 19th. StockNews.com assumed coverage on 3M in a report on Wednesday. They set a “buy” rating for the company. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $84.00 target price on shares of 3M in a research note on Wednesday, March 20th. Wells Fargo & Company reduced their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, Citigroup reduced their target price on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus target price of $107.60.

3M Company 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.