Uncommon Cents Investing LLC Grows Stock Position in 3M (NYSE:MMM)

Uncommon Cents Investing LLC boosted its position in 3M (NYSE:MMM) by 26.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,834 shares of the conglomerate’s stock after buying an additional 5,250 shares during the quarter. Uncommon Cents Investing LLC’s holdings in 3M were worth $2,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Cornerstone Wealth Management LLC increased its position in 3M by 4.0% in the first quarter. Cornerstone Wealth Management LLC now owns 7,597 shares of the conglomerate’s stock worth $806,000 after buying an additional 289 shares during the last quarter. Kovack Advisors Inc. increased its position in 3M by 10.1% in the first quarter. Kovack Advisors Inc. now owns 26,591 shares of the conglomerate’s stock worth $2,821,000 after buying an additional 2,432 shares during the last quarter. Massachusetts Wealth Management increased its position in 3M by 21.1% in the first quarter. Massachusetts Wealth Management now owns 10,689 shares of the conglomerate’s stock worth $1,134,000 after buying an additional 1,860 shares during the last quarter. Dupree Financial Group LLC increased its position in 3M by 1,146.2% in the first quarter. Dupree Financial Group LLC now owns 26,444 shares of the conglomerate’s stock worth $2,805,000 after buying an additional 24,322 shares during the last quarter. Finally, Abundance Wealth Counselors increased its position in 3M by 12.1% in the first quarter. Abundance Wealth Counselors now owns 7,307 shares of the conglomerate’s stock worth $775,000 after buying an additional 788 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MMM shares. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. HSBC raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Barclays lifted their price objective on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus target price of $111.58.

3M Price Performance

Shares of 3M stock remained flat at $101.62 during trading on Thursday. The stock had a trading volume of 1,230,776 shares, compared to its average volume of 3,665,243. The company has a market capitalization of $56.23 billion, a PE ratio of -7.99, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The business has a 50 day simple moving average of $99.75 and a two-hundred day simple moving average of $99.16.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the firm earned $1.97 earnings per share. On average, analysts forecast that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

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