Coastal Investment Advisors Inc. Cuts Stock Holdings in 3M (NYSE:MMM)


Share on StockTwits

Coastal Investment Advisors Inc. reduced its position in shares of 3M (NYSE:MMM) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,936 shares of the conglomerate’s stock after selling 464 shares during the period. Coastal Investment Advisors Inc.’s holdings in 3M were worth $513,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Adams Wealth Management acquired a new position in shares of 3M during the 3rd quarter worth approximately $32,000. Aua Capital Management LLC bought a new position in 3M in the 3rd quarter worth about $41,000. Summit X LLC bought a new position in 3M in the 3rd quarter worth about $48,000. Evolution Wealth Advisors LLC boosted its stake in 3M by 47.4% in the 3rd quarter. Evolution Wealth Advisors LLC now owns 364 shares of the conglomerate’s stock worth $58,000 after purchasing an additional 117 shares in the last quarter. Finally, ARK Investment Management LLC boosted its stake in 3M by 38.3% in the 3rd quarter. ARK Investment Management LLC now owns 379 shares of the conglomerate’s stock worth $61,000 after purchasing an additional 105 shares in the last quarter. Institutional investors own 61.08% of the company’s stock.

MMM stock opened at $166.28 on Thursday. 3M has a 1-year low of $114.04 and a 1-year high of $182.54. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. The company has a market capitalization of $95.91 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.13 and a beta of 0.93. The business has a 50 day simple moving average of $173.20 and a two-hundred day simple moving average of $165.46.

3M (NYSE:MMM) last posted its quarterly earnings results on Sunday, November 1st. The conglomerate reported $2.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.26 by $0.17. 3M had a return on equity of 44.77% and a net margin of 15.65%. The business had revenue of $8.35 billion during the quarter, compared to the consensus estimate of $8.38 billion. During the same period in the prior year, the company posted $2.58 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 8.61 EPS for the current fiscal year.

A number of equities analysts recently issued reports on the stock. William Blair reiterated a “market perform” rating on shares of 3M in a research note on Tuesday, October 27th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating and set a $182.00 target price for the company. in a research report on Tuesday, December 15th. Bank of America lowered shares of 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target for the company. in a research report on Thursday, January 7th. JPMorgan Chase & Co. upped their price target on shares of 3M from $159.00 to $170.00 and gave the company a “neutral” rating in a research report on Wednesday, October 7th. Finally, Credit Suisse Group upped their price target on shares of 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $173.00.

In other news, EVP Khandpur K. Ashish sold 5,760 shares of the stock in a transaction that occurred on Thursday, December 17th. The stock was sold at an average price of $176.44, for a total transaction of $1,016,294.40. Following the completion of the transaction, the executive vice president now directly owns 21,719 shares in the company, valued at approximately $3,832,100.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey R. Lavers sold 6,219 shares of the stock in a transaction that occurred on Tuesday, December 8th. The shares were sold at an average price of $172.09, for a total value of $1,070,227.71. Following the transaction, the executive vice president now owns 10,643 shares of the company’s stock, valued at $1,831,553.87. The disclosure for this sale can be found here. Insiders sold a total of 27,052 shares of company stock valued at $4,688,423 over the last 90 days. 0.42% of the stock is currently owned by corporate insiders.

3M Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

Featured Article: Sell-Side Analysts

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM).

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.