Norden Group LLC Purchases 60,929 Shares of 3M (NYSE:MMM)

Norden Group LLC increased its position in shares of 3M (NYSE:MMM) by 1,381.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,341 shares of the conglomerate’s stock after buying an additional 60,929 shares during the period. Norden Group LLC’s holdings in 3M were worth $6,930,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. BluePath Capital Management LLC raised its stake in 3M by 4.8% during the first quarter. BluePath Capital Management LLC now owns 6,058 shares of the conglomerate’s stock worth $643,000 after buying an additional 276 shares during the last quarter. Caldwell Sutter Capital Inc. raised its stake in 3M by 5.0% during the first quarter. Caldwell Sutter Capital Inc. now owns 4,195 shares of the conglomerate’s stock worth $445,000 after buying an additional 198 shares during the last quarter. MV Capital Management Inc. raised its stake in 3M by 4.6% during the first quarter. MV Capital Management Inc. now owns 3,581 shares of the conglomerate’s stock worth $380,000 after buying an additional 156 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake in 3M by 9.6% during the first quarter. Capital Advisors Ltd. LLC now owns 1,367 shares of the conglomerate’s stock worth $145,000 after buying an additional 120 shares during the last quarter. Finally, Applied Capital LLC FL raised its stake in 3M by 6.1% during the first quarter. Applied Capital LLC FL now owns 9,187 shares of the conglomerate’s stock worth $974,000 after buying an additional 526 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MMM. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Barclays lifted their price target 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 raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Citigroup lifted their price target 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. One investment analyst has rated the stock with a sell rating, five have assigned 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 Price Performance

NYSE:MMM opened at $101.62 on Friday. 3M has a one year low of $71.12 and a one year high of $106.04. The firm has a 50-day moving average of $99.75 and a 200-day moving average of $99.16. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the company earned $1.97 earnings per share. As a group, analysts anticipate that 3M will post 7.17 earnings per share 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 issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) 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.