TCI Wealth Advisors Inc. Sells 1,390 Shares of 3M (NYSE:MMM)

TCI Wealth Advisors Inc. lowered its position in shares of 3M (NYSE:MMM) by 11.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,787 shares of the conglomerate’s stock after selling 1,390 shares during the quarter. TCI Wealth Advisors Inc.’s holdings in 3M were worth $1,475,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MMM. Aviance Capital Partners LLC boosted its holdings in 3M by 21.2% in the first quarter. Aviance Capital Partners LLC now owns 5,288 shares of the conglomerate’s stock valued at $561,000 after acquiring an additional 925 shares in the last quarter. Claro Advisors LLC purchased a new position in shares of 3M during the first quarter valued at about $201,000. Tributary Capital Management LLC bought a new position in 3M in the first quarter worth about $25,000. Applied Capital LLC FL lifted its holdings in 3M by 6.1% in the first quarter. Applied Capital LLC FL now owns 9,187 shares of the conglomerate’s stock worth $974,000 after buying an additional 526 shares during the period. Finally, Capital Advisors Ltd. LLC boosted its position in 3M by 9.6% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,367 shares of the conglomerate’s stock valued at $145,000 after acquiring an additional 120 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho raised their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Bank of America increased their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley started coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average price target of $139.27.

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Stock Performance

NYSE MMM traded up $4.73 during trading hours on Monday, hitting $129.48. The company’s stock had a trading volume of 2,131,230 shares, compared to its average volume of 4,935,813. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market cap of $71.65 billion, a P/E ratio of -10.11, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The company’s 50 day simple moving average is $133.00 and its two-hundred day simple moving average is $114.18. 3M has a 12 month low of $73.15 and a 12 month high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, sell-side analysts expect that 3M will post 7.26 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

About 3M

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.