Hennion & Walsh Asset Management Inc. Sells 1,928 Shares of 3M (NYSE:MMM)

Hennion & Walsh Asset Management Inc. trimmed its position in 3M (NYSE:MMM) by 8.9% during the first quarter, Holdings Channel reports. The firm owned 19,819 shares of the conglomerate’s stock after selling 1,928 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in 3M were worth $2,102,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MMM. Financial Synergies Wealth Advisors Inc. raised its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new position in 3M in the 1st quarter valued at about $32,000. Livelsberger Financial Advisory acquired a new position in 3M in the 4th quarter valued at about $35,000. CGC Financial Services LLC grew its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the last quarter. Finally, VisionPoint Advisory Group LLC grew its stake in 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of 3M stock traded down $0.98 on Friday, reaching $102.19. 6,196,466 shares of the stock were exchanged, compared to its average volume of 4,668,111. The firm’s 50 day moving average is $99.23 and its 200-day moving average is $99.28. 3M has a one year low of $71.12 and a one year high of $106.04. 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 firm has a market cap of $56.55 billion, a PE ratio of -8.03, a P/E/G ratio of 1.94 and a beta of 0.96.

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 negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the prior year, the firm posted $1.97 EPS. As a group, analysts anticipate that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analysts Set New Price Targets

A number of research analysts recently commented on MMM shares. UBS Group upped their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $111.00 in a research 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 given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $111.58.

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.