3M (NYSE:MMM) Shares Purchased by Hudock Inc.

Hudock Inc. raised its stake in 3M (NYSE:MMM) by 20.2% in the first quarter, HoldingsChannel reports. The fund owned 8,641 shares of the conglomerate’s stock after purchasing an additional 1,453 shares during the period. Hudock Inc.’s holdings in 3M were worth $917,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth approximately $502,585,000. Pacer Advisors Inc. grew its holdings in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of 3M by 157.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after purchasing an additional 1,103,459 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in shares of 3M by 8,766.0% during 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. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MMM shares. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. JPMorgan Chase & Co. raised 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 note on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Royal Bank of Canada increased their price target on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Finally, Barclays increased their price target on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $111.58.

3M Stock Down 0.2 %

Shares of MMM traded down $0.22 during mid-day trading on Monday, reaching $101.10. The company’s stock had a trading volume of 2,289,740 shares, compared to its average volume of 5,404,114. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The stock has a market cap of $55.94 billion, a PE ratio of -8.00, a price-to-earnings-growth ratio of 1.88 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The company’s 50 day moving average is $100.15 and its 200 day moving average is $99.06.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate 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 business posted $1.97 EPS. Equities analysts anticipate that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.77%. 3M’s dividend 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.