SouthState Corp Cuts Stock Position in 3M (NYSE:MMM)

SouthState Corp reduced its position in 3M (NYSE:MMM) by 2.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,700 shares of the conglomerate’s stock after selling 185 shares during the quarter. SouthState Corp’s holdings in 3M were worth $732,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. CGC Financial Services LLC boosted its stake in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares during the last quarter. Briaud Financial Planning Inc purchased a new position in shares of 3M during the third quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC acquired a new stake in 3M during the third quarter worth approximately $37,000. VisionPoint Advisory Group LLC grew its stake in 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the period. Finally, Psagot Value Holdings Ltd. Israel acquired a new position in 3M in the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Up 0.4 %

Shares of NYSE MMM traded up $0.35 on Friday, hitting $97.16. The company had a trading volume of 4,818,543 shares, compared to its average volume of 5,905,956. The firm has a market capitalization of $53.76 billion, a P/E ratio of -7.64, a PEG ratio of 2.17 and a beta of 1.00. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a 12-month low of $71.12 and a 12-month high of $99.70. The business has a 50 day moving average of $96.05 and a two-hundred day moving average of $97.54.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the business earned $1.97 EPS. As a group, equities research analysts forecast that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MMM shares. Royal Bank of Canada raised their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. Citigroup raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report 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. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $111.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target 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.