3M (NYSE:MMM) Shares Purchased by MV Capital Management Inc.

MV Capital Management Inc. boosted its stake in 3M (NYSE:MMM) by 4.6% during the first quarter, Holdings Channel.com reports. The fund owned 3,581 shares of the conglomerate’s stock after purchasing an additional 156 shares during the quarter. MV Capital Management Inc.’s holdings in 3M were worth $380,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new stake in 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. grew its stake in 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 acquiring an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new stake in 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new stake in 3M during the 4th quarter worth $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 worth $37,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 1.0 %

MMM traded up $1.01 on Tuesday, hitting $101.62. The company had a trading volume of 2,280,173 shares, compared to its average volume of 5,480,088. The firm has a market cap of $56.23 billion, a P/E ratio of -7.98, a PEG ratio of 1.90 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’s fifty day moving average price is $99.39 and its 200 day moving average price is $99.18. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last issued its quarterly earnings data 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. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the firm earned $1.97 EPS. As a group, equities analysts expect that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MMM. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Royal Bank of Canada lifted their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Citigroup boosted their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company 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.