3M (NYSE:MMM) Shares Acquired by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC increased its stake in shares of 3M (NYSE:MMM) by 2.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 14,769 shares of the conglomerate’s stock after purchasing an additional 311 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in 3M were worth $1,567,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Shoker Investment Counsel Inc. increased its position in shares of 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares in the last quarter. Jade Capital Advisors LLC purchased a new position in shares of 3M during the fourth quarter worth about $4,373,000. MWA Asset Management acquired a new position in 3M in the 4th quarter valued at about $1,723,000. Scarborough Advisors LLC acquired a new stake in 3M during the 4th quarter worth approximately $978,000. Finally, Diversified Trust Co increased its holdings in shares of 3M by 1.4% in the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after purchasing an additional 263 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MMM shares. UBS Group increased their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada lifted their target price on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Citigroup lifted their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

MMM stock opened at $102.39 on Friday. The firm has a 50 day moving average of $98.13 and a 200-day moving average of $99.30. The company has a market cap of $56.66 billion, a price-to-earnings ratio of -8.05, a PEG ratio of 1.91 and a beta of 0.96. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. 3M has a 12-month low of $71.12 and a 12-month high of $106.04.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the firm posted $1.97 earnings per share. As a group, equities analysts expect that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

3M Company 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.