Van ECK Associates Corp Cuts Holdings in 3M (NYSE:MMM)

Van ECK Associates Corp cut its holdings in shares of 3M (NYSE:MMM) by 43.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,663,464 shares of the conglomerate’s stock after selling 1,280,671 shares during the period. Van ECK Associates Corp owned approximately 0.30% of 3M worth $181,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC lifted its position in shares of 3M by 11.2% in the third quarter. U.S. Capital Wealth Advisors LLC now owns 9,343 shares of the conglomerate’s stock valued at $875,000 after acquiring an additional 939 shares in the last quarter. Golden State Equity Partners lifted its holdings in 3M by 13.3% in the 3rd quarter. Golden State Equity Partners now owns 3,494 shares of the conglomerate’s stock valued at $327,000 after purchasing an additional 409 shares in the last quarter. Brookstone Capital Management boosted its stake in 3M by 21.8% during the 3rd quarter. Brookstone Capital Management now owns 136,125 shares of the conglomerate’s stock worth $11,851,000 after purchasing an additional 24,338 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of 3M by 2.8% during the third quarter. Commonwealth Equity Services LLC now owns 442,306 shares of the conglomerate’s stock worth $41,409,000 after buying an additional 12,007 shares in the last quarter. Finally, Edmp Inc. raised its position in shares of 3M by 19.5% in the third quarter. Edmp Inc. now owns 13,996 shares of the conglomerate’s stock valued at $1,310,000 after buying an additional 2,287 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the 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 sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank of Canada decreased their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Barclays dropped their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Bank of America reduced their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Finally, Wells Fargo & Company decreased their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $104.00.

3M Trading Up 4.3 %

NYSE MMM traded up $3.99 on Tuesday, reaching $96.15. The stock had a trading volume of 7,153,834 shares, compared to its average volume of 5,733,166. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock has a fifty day moving average price of $95.73 and a two-hundred day moving average price of $97.49. 3M has a 12-month low of $71.12 and a 12-month high of $97.84. The firm has a market capitalization of $53.21 billion, a price-to-earnings ratio of -7.67, a P/E/G ratio of 1.74 and a beta of 1.02.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.28%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

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.