Valley National Advisers Inc. Sells 930 Shares of 3M (NYSE:MMM)

Valley National Advisers Inc. reduced its stake in 3M (NYSE:MMM) by 9.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,973 shares of the conglomerate’s stock after selling 930 shares during the quarter. Valley National Advisers Inc.’s holdings in 3M were worth $951,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. BluePath Capital Management LLC boosted its position in shares of 3M by 4.8% in the first quarter. BluePath Capital Management LLC now owns 6,058 shares of the conglomerate’s stock valued at $643,000 after acquiring an additional 276 shares during the period. Caldwell Sutter Capital Inc. boosted its holdings in 3M by 5.0% in the 1st quarter. Caldwell Sutter Capital Inc. now owns 4,195 shares of the conglomerate’s stock valued at $445,000 after purchasing an additional 198 shares during the period. MV Capital Management Inc. grew its position in shares of 3M by 4.6% during the 1st quarter. MV Capital Management Inc. now owns 3,581 shares of the conglomerate’s stock worth $380,000 after purchasing an additional 156 shares in the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of 3M by 9.6% during the first quarter. Capital Advisors Ltd. LLC now owns 1,367 shares of the conglomerate’s stock worth $145,000 after purchasing an additional 120 shares during the period. Finally, Applied Capital LLC FL raised its position in shares of 3M by 6.1% in the first quarter. Applied Capital LLC FL now owns 9,187 shares of the conglomerate’s stock valued at $974,000 after buying an additional 526 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Performance

3M stock opened at $101.62 on Thursday. The business has a 50 day moving average of $99.56 and a 200-day moving average of $99.14. The company has a market capitalization of $56.23 billion, a P/E ratio of -7.99, a P/E/G ratio of 1.89 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter last year, the firm earned $1.97 earnings per share. On average, equities research analysts predict that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders 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 2.76%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Citigroup upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. StockNews.com initiated coverage on shares of 3M in a research report on Thursday, June 6th. They issued a “buy” rating for the company. Finally, UBS Group boosted 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $111.58.

About 3M

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.