Delta Financial Advisors LLC Cuts Position in 3M (NYSE:MMM)

Delta Financial Advisors LLC lessened its position in shares of 3M (NYSE:MMM) by 38.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,492 shares of the conglomerate’s stock after selling 5,980 shares during the quarter. Delta Financial Advisors LLC’s holdings in 3M were worth $1,038,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MMM. Moneta Group Investment Advisors LLC grew its holdings in 3M by 73,903.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after buying an additional 6,647,593 shares in the last quarter. Pacer Advisors Inc. grew its holdings in 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares in the last quarter. Norges Bank purchased a new position in 3M during the 4th quarter valued at approximately $369,974,000. Renaissance Technologies LLC boosted its holdings in shares of 3M by 1,889.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after purchasing an additional 1,288,400 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of 3M by 8,766.0% in the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock worth $118,168,000 after purchasing an additional 1,068,748 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MMM. Barclays dropped their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Citigroup lifted their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America dropped their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. JPMorgan Chase & Co. dropped their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average price target of $104.00.

3M Stock Performance

3M stock traded up $0.67 during trading hours on Thursday, hitting $91.63. 1,104,424 shares of the stock traded hands, compared to its average volume of 5,872,083. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm’s 50 day moving average price is $95.81 and its 200-day moving average price is $97.26. The stock has a market capitalization of $50.70 billion, a price-to-earnings ratio of -7.31, a P/E/G ratio of 1.61 and a beta of 1.02. 3M has a 1 year low of $71.12 and a 1 year high of $95.67.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the business earned $2.28 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts expect that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.59%. 3M’s dividend payout ratio is presently -47.82%.

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.