First City Capital Management Inc. lowered its stake in 3M (NYSE:MMM – Free Report) by 2.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,552 shares of the conglomerate’s stock after selling 120 shares during the quarter. First City Capital Management Inc.’s holdings in 3M were worth $588,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Lantz Financial LLC grew its position in 3M by 8.0% during the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock worth $252,000 after purchasing an additional 183 shares in the last quarter. Ritholtz Wealth Management lifted its position in shares of 3M by 22.3% in the second quarter. Ritholtz Wealth Management now owns 4,860 shares of the conglomerate’s stock worth $497,000 after purchasing an additional 885 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of 3M by 28.5% during the second quarter. Natixis Advisors LLC now owns 106,632 shares of the conglomerate’s stock worth $10,897,000 after purchasing an additional 23,665 shares during the period. Oregon Public Employees Retirement Fund grew its position in 3M by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 47,546 shares of the conglomerate’s stock valued at $4,859,000 after purchasing an additional 300 shares in the last quarter. Finally, Founders Financial Securities LLC acquired a new position in shares of 3M in the second quarter worth $325,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on MMM. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada dropped their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $144.60.
3M Trading Up 0.3 %
Shares of NYSE MMM traded up $0.43 during mid-day trading on Friday, hitting $130.13. The company’s stock had a trading volume of 1,132,692 shares, compared to its average volume of 2,172,850. 3M has a one year low of $75.40 and a one year high of $141.34. The stock has a market cap of $70.86 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company’s fifty day simple moving average is $130.02 and its 200-day simple moving average is $125.03.
3M (NYSE:MMM – Get Free Report) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.68 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.
3M Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. 3M’s dividend payout ratio is 35.35%.
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.
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