SouthState Corp Sells 185 Shares of 3M (NYSE:MMM)

SouthState Corp reduced its position in 3M (NYSE:MMM) by 2.7% during the fourth quarter, HoldingsChannel reports. The firm owned 6,700 shares of the conglomerate’s stock after selling 185 shares during the period. SouthState Corp’s holdings in 3M were worth $732,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MMM. Robeco Institutional Asset Management B.V. grew its holdings in 3M by 6.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 209,511 shares of the conglomerate’s stock worth $19,614,000 after purchasing an additional 12,812 shares during the period. Raymond James & Associates grew its holdings in shares of 3M by 1.5% during the third quarter. Raymond James & Associates now owns 787,242 shares of the conglomerate’s stock valued at $73,702,000 after buying an additional 11,927 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of 3M by 14.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 463,705 shares of the conglomerate’s stock worth $43,412,000 after acquiring an additional 57,209 shares in the last quarter. Simon Quick Advisors LLC acquired a new stake in shares of 3M in the 3rd quarter worth about $200,000. Finally, Stratos Wealth Partners LTD. lifted its position in 3M by 5.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 36,468 shares of the conglomerate’s stock valued at $3,414,000 after acquiring an additional 1,770 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM stock traded up $0.35 during trading hours on Friday, reaching $97.16. The stock had a trading volume of 4,818,543 shares, compared to its average volume of 5,905,956. The stock’s fifty day simple moving average is $96.05 and its 200 day simple moving average is $97.54. The firm has a market capitalization of $53.76 billion, a PE ratio of -7.64, a PEG ratio of 2.17 and a beta of 1.00. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.97 EPS. On average, equities research analysts predict that 3M will post 7.05 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.48%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MMM shares. Barclays dropped their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Citigroup upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Bank of America reduced their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company dropped their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $103.70.

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.