FORVIS Wealth Advisors LLC Sells 984 Shares of 3M (NYSE:MMM)

FORVIS Wealth Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 8.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,409 shares of the conglomerate’s stock after selling 984 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in 3M were worth $1,104,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MMM. Schonfeld Strategic Advisors LLC boosted its stake in 3M by 87.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 40,872 shares of the conglomerate’s stock valued at $3,826,000 after purchasing an additional 19,076 shares during the last quarter. Axxcess Wealth Management LLC boosted its position in shares of 3M by 31.5% during the third quarter. Axxcess Wealth Management LLC now owns 2,781 shares of the conglomerate’s stock valued at $260,000 after buying an additional 666 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in 3M by 7.6% during the third quarter. Ameriprise Financial Inc. now owns 777,915 shares of the conglomerate’s stock worth $72,781,000 after buying an additional 54,736 shares in the last quarter. Evergreen Capital Management LLC raised its position in 3M by 60.0% in the 3rd quarter. Evergreen Capital Management LLC now owns 10,170 shares of the conglomerate’s stock valued at $952,000 after buying an additional 3,815 shares during the last quarter. Finally, KPP Advisory Services LLC bought a new position in 3M during the 3rd quarter valued at $208,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MMM. Barclays upped their target price on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $105.00 to $120.00 in a report on Friday, June 7th. StockNews.com began coverage on 3M in a report on Thursday, June 6th. They set a “buy” rating on the stock. Finally, Royal Bank of Canada upped their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus target price of $111.58.

3M Stock Performance

3M stock remained flat at $101.62 during mid-day trading on Thursday. 1,230,776 shares of the company were exchanged, compared to its average volume of 3,665,243. The stock has a 50-day moving average of $99.75 and a two-hundred day moving average of $99.16. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04. The firm has a market cap of $56.23 billion, a P/E ratio of -7.99, a P/E/G ratio of 1.89 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period last year, the company earned $1.97 earnings per share. On average, research analysts predict that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

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.