Genesee Capital Advisors LLC Sells 177 Shares of 3M (NYSE:MMM)

Genesee Capital Advisors LLC lessened its stake in 3M (NYSE:MMM) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,229 shares of the conglomerate’s stock after selling 177 shares during the period. Genesee Capital Advisors LLC’s holdings in 3M were worth $933,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CVA Family Office LLC boosted its stake in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after acquiring an additional 79 shares during the last quarter. Wynn Capital LLC raised its stake in shares of 3M by 0.7% in the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after buying an additional 80 shares during the period. Harbour Investments Inc. raised its position in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares during the period. KMG Fiduciary Partners LLC lifted its position in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. boosted its position in shares of 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after acquiring an additional 84 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE:MMM opened at $151.34 on Wednesday. The company has a market capitalization of $82.42 billion, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The company’s 50-day moving average is $133.26 and its 200 day moving average is $129.89. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.96.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, equities research analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is currently 37.09%.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now directly owns 5,153 shares in the company, valued at approximately $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares in the company, valued at $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,291 shares of company stock worth $9,339,786. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MMM shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America boosted their price objective on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average price target of $148.87.

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.