SeaCrest Wealth Management LLC Cuts Stock Holdings in 3M (NYSE:MMM)

SeaCrest Wealth Management LLC lowered its stake in shares of 3M (NYSE:MMM) by 11.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,888 shares of the conglomerate’s stock after selling 1,100 shares during the period. SeaCrest Wealth Management LLC’s holdings in 3M were worth $1,147,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MMM. American Century Companies Inc. raised its stake in shares of 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after acquiring an additional 650 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of 3M by 1.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 529,892 shares of the conglomerate’s stock valued at $54,150,000 after acquiring an additional 8,301 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of 3M by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after acquiring an additional 11,315 shares during the period. Citizens Financial Group Inc. RI raised its stake in shares of 3M by 16.6% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 15,815 shares of the conglomerate’s stock valued at $1,616,000 after acquiring an additional 2,251 shares during the period. Finally, Moors & Cabot Inc. raised its stake in shares of 3M by 17.3% in the 2nd quarter. Moors & Cabot Inc. now owns 14,403 shares of the conglomerate’s stock valued at $1,472,000 after acquiring an additional 2,129 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $138.07 on Thursday. The firm has a fifty day moving average of $130.90 and a two-hundred day moving average of $127.12. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm has a market cap of $75.19 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm posted $2.68 EPS. The company’s revenue for the quarter was down 24.3% on a year-over-year basis. As a group, research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.03%. 3M’s payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MMM shares. Barclays cut their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Royal Bank of Canada lowered their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday, January 3rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Bank of America raised their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $144.13.

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.