Mirador Capital Partners LP Grows Stock Position in 3M (NYSE:MMM)

Mirador Capital Partners LP boosted its position in shares of 3M (NYSE:MMM) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,703 shares of the conglomerate’s stock after buying an additional 2,254 shares during the quarter. Mirador Capital Partners LP’s holdings in 3M were worth $3,363,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in 3M during the 4th quarter valued at $502,585,000. Pacer Advisors Inc. grew its holdings in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares during the period. Los Angeles Capital Management LLC increased its stake in 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after buying an additional 1,103,459 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after buying an additional 1,068,748 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.0 %

Shares of NYSE MMM traded up $1.04 during trading hours on Monday, hitting $103.23. 192,587 shares of the stock were exchanged, compared to its average volume of 5,485,583. The company has a market cap of $57.12 billion, a PE ratio of -8.03, a PEG ratio of 1.90 and a beta of 0.95. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a fifty day moving average price of $99.23 and a 200-day moving average price of $99.22.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted $1.97 EPS. On average, sell-side analysts expect that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The firm 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. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMM shares. Royal Bank of Canada raised their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research report on Thursday, June 13th. UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. StockNews.com started coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $111.58.

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.