Successful Portfolios LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Successful Portfolios LLC lowered its stake in shares of 3M (NYSE:MMM) by 9.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,746 shares of the conglomerate’s stock after selling 279 shares during the period. Successful Portfolios LLC’s holdings in 3M were worth $291,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Financial Synergies Wealth Advisors Inc. grew 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 purchasing an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in 3M during the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new stake in 3M during the 4th quarter valued at $35,000. CGC Financial Services LLC grew 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 purchasing an additional 160 shares in the last quarter. Finally, VisionPoint Advisory Group LLC grew its holdings in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Barclays increased their price objective on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $105.00 to $120.00 in a research note on Friday, June 7th. UBS Group increased their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

NYSE MMM opened at $102.19 on Monday. The company has a 50-day moving average price of $99.23 and a two-hundred day moving average price of $99.22. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. The stock has a market cap of $56.55 billion, a price-to-earnings ratio of -8.03, a price-to-earnings-growth ratio of 1.90 and a beta of 0.95. 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 posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the firm earned $1.97 EPS. Analysts forecast that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The business 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. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.74%. 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.