3M (NYSE:MMM) Holdings Lowered by Calamos Wealth Management LLC

Calamos Wealth Management LLC trimmed its stake in shares of 3M (NYSE:MMM) by 28.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,311 shares of the conglomerate’s stock after selling 925 shares during the period. Calamos Wealth Management LLC’s holdings in 3M were worth $253,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MMM. Fragasso Group Inc. raised its position in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares during the last quarter. Orion Portfolio Solutions LLC increased its holdings in 3M by 1.2% in the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock valued at $1,182,000 after purchasing an additional 98 shares during the last quarter. McIlrath & Eck LLC increased its holdings in 3M by 13.3% in the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 98 shares during the last quarter. Vestcor Inc increased its holdings in 3M by 0.8% in the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after purchasing an additional 102 shares during the last quarter. Finally, Bangor Savings Bank increased its holdings in 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s 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 completion of the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by insiders.

3M Stock Up 0.9 %

MMM stock opened at $92.27 on Monday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The stock has a market capitalization of $51.06 billion, a P/E ratio of -7.31, a P/E/G ratio of 1.63 and a beta of 1.02. The business has a 50-day moving average of $95.76 and a 200-day moving average of $97.36. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.28 earnings per share. On average, sell-side analysts anticipate that 3M will post 8.79 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. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.55%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup upped their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Royal Bank of Canada dropped their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Barclays dropped their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

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.