Curi RMB Capital LLC Sells 4,486 Shares of 3M (NYSE:MMM)

by · The Cerbat Gem

Curi RMB Capital LLC trimmed its position in 3M (NYSE:MMM – Free Report) by 34.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,372 shares of the conglomerate’s stock after selling 4,486 shares during the period. Curi RMB Capital LLC’s holdings in 3M were worth $1,081,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MMM. Dimensional Fund Advisors LP grew its position in 3M by 34.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate’s stock worth $275,375,000 after buying an additional 544,380 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of 3M by 6.3% during the fourth quarter. First Trust Advisors LP now owns 557,154 shares of the conglomerate’s stock worth $71,923,000 after purchasing an additional 32,952 shares in the last quarter. Forum Financial Management LP increased its position in shares of 3M by 58.5% in the fourth quarter. Forum Financial Management LP now owns 3,170 shares of the conglomerate’s stock worth $409,000 after purchasing an additional 1,170 shares during the last quarter. Commerce Bank raised its stake in 3M by 0.3% in the fourth quarter. Commerce Bank now owns 61,553 shares of the conglomerate’s stock valued at $7,946,000 after purchasing an additional 180 shares in the last quarter. Finally, Allred Capital Management LLC lifted its position in 3M by 0.9% during the fourth quarter. Allred Capital Management LLC now owns 13,445 shares of the conglomerate’s stock valued at $1,736,000 after purchasing an additional 123 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of several research reports. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Citigroup cut their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Barclays cut their target price on 3M from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $146.47.

Read Our Latest Report on 3M

Insider Activity at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the transaction, the insider now directly owns 5,153 shares of the company’s stock, valued at $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’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 directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % 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 90 days. Corporate insiders own 0.48% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $130.16 on Monday. 3M has a one year low of $90.65 and a one year high of $156.35. The firm has a market capitalization of $70.20 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The company has a 50-day simple moving average of $144.53 and a two-hundred day simple moving average of $138.26. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.42 earnings per share. On average, analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is currently 38.68%.

About 3M

(Free Report)

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.

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