Charles Schwab Trust Co Sells 639 Shares of 3M (NYSE:MMM)

Charles Schwab Trust Co cut its holdings in 3M (NYSE:MMM) by 13.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,282 shares of the conglomerate’s stock after selling 639 shares during the period. Charles Schwab Trust Co’s holdings in 3M were worth $454,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Unison Advisors LLC boosted its holdings in 3M by 2.1% in the 1st quarter. Unison Advisors LLC now owns 22,335 shares of the conglomerate’s stock worth $2,369,000 after buying an additional 452 shares during the period. Strategic Planning Group LLC lifted its stake in 3M by 20.0% in the 1st quarter. Strategic Planning Group LLC now owns 37,072 shares of the conglomerate’s stock worth $3,932,000 after purchasing an additional 6,179 shares in the last quarter. Financial Synergies Wealth Advisors Inc. lifted 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 worth $26,000 after purchasing an additional 197 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in 3M in the 1st quarter worth approximately $1,480,000. Finally, Southland Equity Partners LLC lifted its stake in 3M by 10.1% in the 1st quarter. Southland Equity Partners LLC now owns 2,127 shares of the conglomerate’s stock worth $226,000 after purchasing an additional 195 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent analyst reports. Wolfe Research upgraded shares of 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. Barclays increased their target price on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. UBS Group raised their price objective 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. Finally, HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $91.13 to $115.00 in a research report on Friday, May 10th. One 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $111.58.

3M Stock Performance

Shares of NYSE:MMM opened at $102.04 on Wednesday. The company’s fifty day moving average is $98.59 and its 200 day moving average is $99.24. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. 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 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 company had revenue of $8 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the company earned $1.97 EPS. As a group, equities research analysts predict that 3M will post 7.09 EPS 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 2.74%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is presently -22.01%.

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.