Sowell Financial Services LLC Decreases Position in 3M (NYSE:MMM)

Sowell Financial Services LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,022 shares of the conglomerate’s stock after selling 414 shares during the quarter. Sowell Financial Services LLC’s holdings in 3M were worth $5,878,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Northstar Group Inc. bought a new position in 3M during the first quarter valued at $262,000. Fairvoy Private Wealth LLC increased its stake in 3M by 35.5% in the 1st quarter. Fairvoy Private Wealth LLC now owns 7,811 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 2,047 shares during the period. Optas LLC purchased a new position in 3M in the 1st quarter worth about $208,000. Brighton Jones LLC increased its stake in 3M by 10.7% in the 1st quarter. Brighton Jones LLC now owns 9,847 shares of the conglomerate’s stock worth $1,446,000 after buying an additional 949 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in 3M by 13.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 85,847 shares of the conglomerate’s stock worth $12,607,000 after buying an additional 10,268 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Stock Down 1.8%

Shares of MMM opened at $142.17 on Monday. The stock has a market capitalization of $76.51 billion, a PE ratio of 18.83, a P/E/G ratio of 3.30 and a beta of 1.03. 3M has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company’s 50-day simple moving average is $142.25 and its 200-day simple moving average is $141.90.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s dividend payout ratio is presently 36.87%.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $155.83.

3M 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.