Applied Capital LLC FL Acquires 526 Shares of 3M (NYSE:MMM)

Applied Capital LLC FL lifted its position in 3M (NYSE:MMM) by 6.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,187 shares of the conglomerate’s stock after purchasing an additional 526 shares during the quarter. Applied Capital LLC FL’s holdings in 3M were worth $974,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Tributary Capital Management LLC purchased a new stake in 3M during the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% during 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 purchased a new stake in 3M during the 1st quarter valued at about $32,000. Livelsberger Financial Advisory purchased a new stake in 3M during the 4th quarter valued at about $35,000. Finally, CGC Financial Services LLC boosted its holdings 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 acquiring an additional 160 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of several analyst reports. Citigroup increased their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, StockNews.com began coverage on 3M in a research report on Thursday, June 6th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Stock Up 0.9 %

Shares of 3M stock traded up $0.87 on Tuesday, reaching $101.48. The company’s stock had a trading volume of 1,419,782 shares, compared to its average volume of 5,472,729. The company has a market capitalization of $56.15 billion, a price-to-earnings ratio of -8.00, a P/E/G ratio of 1.90 and a beta of 0.95. The firm’s fifty day simple moving average is $99.23 and its two-hundred day simple moving average is $99.22. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter last year, the company earned $1.97 EPS. Equities analysts anticipate that 3M will post 7.17 earnings per share for the current 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 paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

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.