Legacy Advisors LLC Sells 4,872 Shares of 3M (NYSE:MMM)

Legacy Advisors LLC reduced its position in shares of 3M (NYSE:MMM) by 65.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,595 shares of the conglomerate’s stock after selling 4,872 shares during the period. Legacy Advisors LLC’s holdings in 3M were worth $284,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MMM. WealthPlan Investment Management LLC bought a new position in shares of 3M in the third quarter worth approximately $203,000. South Dakota Investment Council lifted its holdings in shares of 3M by 1.7% during the 3rd quarter. South Dakota Investment Council now owns 24,460 shares of the conglomerate’s stock worth $2,290,000 after acquiring an additional 400 shares during the last quarter. Atria Investments Inc grew its position in 3M by 15.0% in the third quarter. Atria Investments Inc now owns 25,253 shares of the conglomerate’s stock worth $2,366,000 after acquiring an additional 3,303 shares in the last quarter. Barclays PLC raised its position in 3M by 30.7% during the third quarter. Barclays PLC now owns 1,438,312 shares of the conglomerate’s stock valued at $134,652,000 after purchasing an additional 337,820 shares in the last quarter. Finally, Motco lifted its stake in 3M by 18.0% during the third quarter. Motco now owns 1,484 shares of the conglomerate’s stock worth $139,000 after purchasing an additional 226 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MMM. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Bank of America cut their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. StockNews.com initiated coverage on shares of 3M in a research report on Wednesday. They issued a “buy” rating on the stock. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Finally, Mizuho reiterated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus target price of $108.55.

3M Trading Down 0.4 %

Shares of MMM traded down $0.37 during trading hours on Thursday, reaching $97.19. 901,573 shares of the company traded hands, compared to its average volume of 5,596,914. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company’s fifty day moving average price is $97.24 and its two-hundred day moving average price is $98.88. The company has a market capitalization of $53.78 billion, a price-to-earnings ratio of -7.67, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the business earned $1.97 EPS. Equities research analysts predict that 3M will post 7.23 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.88%. 3M’s 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.