Prio Wealth Limited Partnership has reduced its holdings in consumer products giant 3M by 27.2% during the first quarter, according to its filing with the Securities and Exchange Commission. The institutional investor sold 17,482 shares, leaving it with 46,796 shares worth $4,919,000. Other hedge funds have also made changes to their investments in 3M. Financial Freedom LLC purchased a stake in the company valued at $25,000, while Financial Management Professionals Inc. increased its holdings by 1,538.9%, Artemis Wealth Advisors LLC increased its holdings by 1,361.9%, 25 LLC also bought a stake, and Retirement Group LLC boosted its holdings by 267.0%. Overall, institutional investors now own 65.24% of 3M’s stock.
Shares of 3M stock closed at $106.95 on Monday, with 3,640,600 shares traded. The company has a market capitalization of $59.04 billion and a beta of 0.96. 3M has a one-year low of $92.38 and a one-year high of $133.91. Analysts predict that 3M will post earnings per share of $8.95 for the current fiscal year. The firm also recently announced a quarterly dividend of $1.50 per share, to be paid on September 12th, with a dividend yield of 5.61%.
Several equities analysts have recently issued reports on 3M, with Morgan Stanley upgrading the stock from “underweight” to “equal weight” and raising its price target from $102.00 to $113.00. Wolfe Research upgraded 3M from “underperform” to “peer perform,” while Bank of America upgraded the stock from “underperform” to “neutral” and set a price objective of $110.00. However, 3M currently has an average rating of “Hold” and an average target price of $113.45.
3M is a diversified technology services company with four segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers a variety of products, including industrial abrasives, adhesives, and respiratory protection solutions.
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