Steele Capital Management Inc. Buys Shares of 2,998 3M (NYSE:MMM)

Steele Capital Management Inc. purchased a new position in shares of 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,998 shares of the conglomerate’s stock, valued at approximately $328,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Crew Capital Management Ltd. purchased a new position in 3M in the 4th quarter valued at approximately $287,000. Choreo LLC raised its stake in shares of 3M by 7.9% in the fourth quarter. Choreo LLC now owns 53,854 shares of the conglomerate’s stock valued at $5,887,000 after acquiring an additional 3,927 shares in the last quarter. Mather Group LLC. boosted its holdings in 3M by 5.0% in the fourth quarter. Mather Group LLC. now owns 127,333 shares of the conglomerate’s stock valued at $13,920,000 after purchasing an additional 6,021 shares during the period. Gilbert & Cook Inc. purchased a new stake in 3M during the 4th quarter worth about $481,000. Finally, Marco Investment Management LLC acquired a new stake in 3M in the 4th quarter valued at about $248,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MMM. Citigroup boosted their price objective on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Bank of America dropped their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Barclays dropped their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company lowered their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.00.

3M Stock Performance

3M stock traded up $4.43 during mid-day trading on Tuesday, reaching $96.59. 6,791,955 shares of the company were exchanged, compared to its average volume of 5,727,708. The firm’s 50-day simple moving average is $95.73 and its two-hundred day simple moving average is $97.49. 3M has a twelve month low of $71.12 and a twelve month high of $97.84. The firm has a market cap of $53.45 billion, a PE ratio of -7.67, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.25%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is currently -47.82%.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now 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 available at this hyperlink. Company insiders own 0.38% of the company’s stock.

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.