Commerce Bank Reduces Position in 3M (NYSE:MMM)

Commerce Bank lowered its position in 3M (NYSE:MMM) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,857 shares of the conglomerate’s stock after selling 3,168 shares during the quarter. Commerce Bank’s holdings in 3M were worth $7,092,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MMM. Easterly Investment Partners LLC acquired a new stake in 3M during the 1st quarter worth $8,125,000. AA Financial Advisors LLC purchased a new position in shares of 3M during the first quarter worth about $582,000. GSA Capital Partners LLP purchased a new position in shares of 3M during the first quarter worth about $937,000. Mutual Advisors LLC raised its stake in 3M by 33.4% during the 1st quarter. Mutual Advisors LLC now owns 16,461 shares of the conglomerate’s stock valued at $1,746,000 after acquiring an additional 4,122 shares during the last quarter. Finally, Hudock Inc. increased its holdings in shares of 3M by 20.2% in the first quarter. Hudock Inc. now owns 8,641 shares of the conglomerate’s stock valued at $917,000 after purchasing an additional 1,453 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MMM shares. Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Citigroup 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. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and raised their target price for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, 3M presently has an average rating of “Hold” and a consensus price target of $112.17.

3M Price Performance

MMM stock opened at $102.10 on Thursday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock’s 50 day moving average price is $100.46 and its 200 day moving average price is $99.00. The firm has a market cap of $56.50 billion, a P/E ratio of -8.00, a PEG ratio of 1.88 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter last year, the company earned $1.97 earnings per share. On average, sell-side analysts expect that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is -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.