Avidian Wealth Solutions LLC Has $519,000 Stock Holdings in 3M (NYSE:MMM)

Avidian Wealth Solutions LLC decreased its position in 3M (NYSE:MMM) by 6.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,898 shares of the conglomerate’s stock after selling 322 shares during the period. Avidian Wealth Solutions LLC’s holdings in 3M were worth $519,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Tributary Capital Management LLC bought a new stake in shares of 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in 3M during the 1st quarter worth approximately $32,000. Livelsberger Financial Advisory bought a new position in 3M in the fourth quarter valued at approximately $35,000. Finally, CGC Financial Services LLC boosted its holdings in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE:MMM traded up $2.03 during mid-day trading on Wednesday, hitting $101.72. The stock had a trading volume of 4,518,381 shares, compared to its average volume of 5,377,542. The company’s 50 day simple moving average is $100.39 and its 200 day simple moving average is $98.98. The stock has a market cap of $56.29 billion, a price-to-earnings ratio of -7.86, a PEG ratio of 1.88 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a twelve month low of $71.12 and a twelve month high of $106.04.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $1.97 EPS. On average, equities research analysts forecast that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.75%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Barclays lifted their target price on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Finally, HSBC raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $112.00.

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.