SeaCrest Wealth Management LLC Takes Position in 3M Co (MMM)
SeaCrest Wealth Management LLC purchased a new stake in shares of 3M Co (NYSE:MMM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,596 shares of the conglomerate’s stock, valued at approximately $2,023,000.
Several other institutional investors and hedge funds have also recently modified their holdings of MMM. Schwab Charles Investment Management Inc. lifted its stake in 3M by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,171,136 shares of the conglomerate’s stock valued at $746,391,000 after buying an additional 142,799 shares during the period. New York State Common Retirement Fund lifted its stake in 3M by 0.5% in the third quarter. New York State Common Retirement Fund now owns 1,700,225 shares of the conglomerate’s stock valued at $356,877,000 after buying an additional 8,500 shares during the period. APG Asset Management N.V. lifted its stake in 3M by 128.1% in the fourth quarter. APG Asset Management N.V. now owns 1,427,350 shares of the conglomerate’s stock valued at $279,776,000 after buying an additional 801,639 shares during the period. Rhumbline Advisers lifted its stake in 3M by 0.9% in the third quarter. Rhumbline Advisers now owns 1,124,531 shares of the conglomerate’s stock valued at $236,039,000 after buying an additional 9,617 shares during the period. Finally, Bank of Montreal Can lifted its stake in 3M by 38.9% in the fourth quarter. Bank of Montreal Can now owns 930,370 shares of the conglomerate’s stock valued at $218,981,000 after buying an additional 260,349 shares during the period. 66.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of 3M Co (NYSE:MMM) opened at $231.36 on Wednesday. The company has a market capitalization of $136,482.64, a PE ratio of 24.99, a PEG ratio of 2.13 and a beta of 1.08. The company has a current ratio of 1.86, a quick ratio of 1.33 and a debt-to-equity ratio of 1.04. 3M Co has a 1 year low of $180.15 and a 1 year high of $259.77.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a dividend of $1.36 per share. The ex-dividend date of this dividend is Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $0.01. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.35%. 3M’s dividend payout ratio (DPR) is presently 59.34%.
Several equities analysts have weighed in on the company. Deutsche Bank raised 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $240.00 to $275.00 in a research note on Tuesday. Vetr raised 3M from a “buy” rating to a “strong-buy” rating and set a $254.92 target price on the stock in a research note on Monday. Zacks Investment Research raised 3M from a “hold” rating to a “buy” rating and set a $290.00 price target on the stock in a research report on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “hold” rating and set a $254.00 price target on shares of 3M in a research report on Thursday, January 25th. Finally, Hilliard Lyons raised 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target on the stock in a research report on Wednesday, January 24th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and an average target price of $252.12.
In related news, CFO Nicholas C. Gangestad sold 1,681 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.76, for a total transaction of $419,846.56. Following the completion of the transaction, the chief financial officer now directly owns 23,562 shares in the company, valued at $5,884,845.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Ippocratis Vrohidis sold 225 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $249.68, for a total value of $56,178.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,673 shares of company stock valued at $12,420,577. 0.58% of the stock is owned by corporate insiders.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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