300 Shares in 3M (NYSE:MMM) Acquired by Northwest Investment Counselors LLC

Northwest Investment Counselors LLC purchased a new position in shares of 3M (NYSE:MMM) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 300 shares of the conglomerate’s stock, valued at approximately $32,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. San Luis Wealth Advisors LLC raised its stake in shares of 3M by 0.5% in the first quarter. San Luis Wealth Advisors LLC now owns 36,776 shares of the conglomerate’s stock worth $3,901,000 after purchasing an additional 200 shares during the last quarter. &PARTNERS grew its holdings in shares of 3M by 9.8% in the first quarter. &PARTNERS now owns 7,202 shares of the conglomerate’s stock valued at $764,000 after acquiring an additional 641 shares in the last quarter. Gulf International Bank UK Ltd grew its holdings in shares of 3M by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 45,569 shares of the conglomerate’s stock valued at $4,833,000 after acquiring an additional 270 shares in the last quarter. Meyer Handelman Co. grew its holdings in shares of 3M by 2.5% in the first quarter. Meyer Handelman Co. now owns 194,643 shares of the conglomerate’s stock valued at $20,646,000 after acquiring an additional 4,778 shares in the last quarter. Finally, RFG Advisory LLC grew its holdings in shares of 3M by 86.9% in the first quarter. RFG Advisory LLC now owns 6,765 shares of the conglomerate’s stock valued at $718,000 after acquiring an additional 3,145 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of 3M stock traded up $0.85 during trading hours on Monday, reaching $103.24. The company had a trading volume of 953,380 shares, compared to its average volume of 5,545,467. 3M has a one year low of $71.12 and a one year high of $106.04. The business has a fifty day simple moving average of $98.13 and a 200 day simple moving average of $99.26. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a market cap of $57.13 billion, a PE ratio of -8.10, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96.

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 analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter last year, the business posted $1.97 earnings per share. On average, analysts anticipate that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a report on Friday, May 10th. Barclays upped their target price on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Bank of America raised 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $105.00 to $120.00 in a report on Friday, June 7th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average target price of $111.58.

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.