Avestar Capital LLC Has $387,000 Stock Position in 3M (NYSE:MMM)

Avestar Capital LLC raised its position in shares of 3M (NYSE:MMM) by 7.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,998 shares of the conglomerate’s stock after purchasing an additional 211 shares during the period. Avestar Capital LLC’s holdings in 3M were worth $387,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MMM. FMR LLC raised its position in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its position in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Jennison Associates LLC acquired a new position in 3M during the third quarter valued at approximately $82,208,000. Parsifal Capital Management LP raised its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of 3M by 39.1% during the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock worth $151,002,000 after buying an additional 308,912 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

MMM stock opened at $148.65 on Friday. The stock has a market capitalization of $80.70 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The company’s 50-day moving average is $138.49 and its 200-day moving average is $133.62. 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 has a 1 year low of $75.40 and a 1 year high of $155.00.

3M (NYSE:MMM) last released 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 company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.42 EPS. Equities research analysts expect that 3M will post 7.8 EPS for the current fiscal 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 given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 37.09%.

Insider Transactions at 3M

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 shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock valued at $17,163,446 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on MMM shares. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Saturday, February 1st. Bank of America upped their price target on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Citigroup upped their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

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.