Avantax Planning Partners Inc. Sells 682 Shares of 3M (NYSE:MMM)

Avantax Planning Partners Inc. lessened its stake in shares of 3M (NYSE:MMM) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,629 shares of the conglomerate’s stock after selling 682 shares during the quarter. Avantax Planning Partners Inc.’s holdings in 3M were worth $1,114,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Financial Life Planners bought a new stake in 3M during the fourth quarter valued at about $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter valued at about $26,000. FSA Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 9.0% in the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC raised its stake in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MMM shares. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two 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’s stock. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last quarter. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

Shares of MMM opened at $147.74 on Wednesday. The stock has a market cap of $80.21 billion, a P/E ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 0.97. The stock has a 50-day moving average of $145.26 and a two-hundred day moving average of $136.53. 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 one year low of $81.23 and a one year high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 EPS. As a group, research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is 38.68%.

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.