Birch Hill Investment Advisors LLC Has $828,000 Stock Position in 3M (NYSE:MMM)

Birch Hill Investment Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 4.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,638 shares of the conglomerate’s stock after selling 260 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in 3M were worth $828,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of 3M during the fourth quarter worth approximately $636,767,000. Invesco Ltd. grew its holdings in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. acquired a new position in shares of 3M in the fourth quarter worth $175,110,000. Capital World Investors raised its holdings in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares in the last quarter. Finally, Amundi boosted its position in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $145.04 on Tuesday. 3M has a 12 month low of $98.26 and a 12 month high of $156.35. The company has a market cap of $78.06 billion, a P/E ratio of 19.21, a P/E/G ratio of 3.30 and a beta of 1.03. The business’s 50 day moving average is $142.60 and its two-hundred day moving average is $141.98. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. On average, equities analysts expect that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.01%. 3M’s payout ratio is presently 36.87%.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now owns 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MMM shares. Royal Bank of Canada raised their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Citigroup upped their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Wednesday, June 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $155.83.

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.