Argyle Capital Management Inc. Sells 2,527 Shares of 3M (NYSE:MMM)

Argyle Capital Management Inc. lowered its stake in 3M (NYSE:MMM) by 10.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,704 shares of the conglomerate’s stock after selling 2,527 shares during the quarter. Argyle Capital Management Inc.’s holdings in 3M were worth $2,263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MMM. CGC Financial Services LLC raised its holdings in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the period. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new stake in 3M during the 3rd quarter valued at approximately $37,000. VisionPoint Advisory Group LLC raised its position in shares of 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new position in shares of 3M in the third quarter worth $44,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the topic of a number of research analyst reports. Mizuho reiterated a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Citigroup increased their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company reduced their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $104.00.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.34% of the company’s stock.

3M Trading Up 0.5 %

MMM stock traded up $0.42 during midday trading on Friday, reaching $91.83. The company’s stock had a trading volume of 4,520,901 shares, compared to its average volume of 4,283,067. The firm has a market capitalization of $50.82 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.74 and a beta of 1.02. 3M has a 1 year low of $71.12 and a 1 year high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock has a fifty day simple moving average of $95.71 and a two-hundred day simple moving average of $97.46.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 6.58%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is -47.82%.

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.