3M (NYSE:MMM) Stake Cut by Everett Harris & Co. CA

Everett Harris & Co. CA decreased its holdings in shares of 3M (NYSE:MMM) by 14.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,286 shares of the conglomerate’s stock after selling 1,190 shares during the period. Everett Harris & Co. CA’s holdings in 3M were worth $773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MMM. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M during the first quarter valued at $32,000. Livelsberger Financial Advisory bought a new position in shares of 3M during the fourth quarter worth about $35,000. Finally, CGC Financial Services LLC boosted its stake in 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

Shares of NYSE:MMM opened at $101.26 on Friday. 3M has a one year low of $71.12 and a one year high of $106.04. The company has a market capitalization of $56.03 billion, a PE ratio of -7.99, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock has a fifty day moving average of $99.96 and a 200-day moving average of $99.17.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share 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 firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter last year, the business posted $1.97 EPS. As a group, equities analysts anticipate that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared 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 was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.77%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analysts Set New Price Targets

MMM has been the topic of several analyst reports. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Thursday, June 13th. Barclays upped their price objective on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Finally, Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One 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, 3M currently has a consensus rating of “Hold” and a consensus price target 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.