Avidian Wealth Solutions LLC Sells 322 Shares of 3M (NYSE:MMM)

Avidian Wealth Solutions LLC reduced its position in 3M (NYSE:MMM) by 6.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,898 shares of the conglomerate’s stock after selling 322 shares during the period. Avidian Wealth Solutions LLC’s holdings in 3M were worth $519,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ameriprise Financial Inc. boosted its position in shares of 3M by 7.6% during the third quarter. Ameriprise Financial Inc. now owns 777,915 shares of the conglomerate’s stock valued at $72,781,000 after buying an additional 54,736 shares during the last quarter. Sei Investments Co. boosted its holdings in 3M by 0.8% during the 3rd quarter. Sei Investments Co. now owns 141,329 shares of the conglomerate’s stock worth $13,231,000 after acquiring an additional 1,162 shares during the last quarter. Harbour Investments Inc. boosted its holdings in 3M by 3.3% during the 3rd quarter. Harbour Investments Inc. now owns 12,476 shares of the conglomerate’s stock worth $1,168,000 after acquiring an additional 396 shares during the last quarter. Revisor Wealth Management LLC bought a new stake in shares of 3M in the 3rd quarter worth $330,000. Finally, Creative Planning raised its holdings in shares of 3M by 10.6% in the third quarter. Creative Planning now owns 141,402 shares of the conglomerate’s stock valued at $13,238,000 after purchasing an additional 13,591 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock traded up $2.03 during midday trading on Wednesday, reaching $101.72. The stock had a trading volume of 4,518,381 shares, compared to its average volume of 5,377,542. The firm has a market capitalization of $56.29 billion, a PE ratio of -7.86, a P/E/G ratio of 1.88 and a beta of 0.95. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm’s 50-day moving average price is $100.39 and its 200 day moving average price is $98.98.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the firm posted $1.97 earnings per share. As a group, research analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is currently -22.01%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MMM shares. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $105.00 to $120.00 in a report on Friday, June 7th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Citigroup boosted their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and raised their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average price target of $112.00.

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.