3M (NYSE:MMM) Shares Bought by MCF Advisors LLC

MCF Advisors LLC lifted its holdings in 3M (NYSE:MMM) by 7.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,133 shares of the conglomerate’s stock after purchasing an additional 346 shares during the period. MCF Advisors LLC’s holdings in 3M were worth $544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dark Forest Capital Management LP acquired a new position in shares of 3M in the 3rd quarter worth $535,000. Trexquant Investment LP raised its holdings in 3M by 448.0% during the 3rd quarter. Trexquant Investment LP now owns 43,787 shares of the conglomerate’s stock worth $4,099,000 after buying an additional 35,796 shares during the period. Synovus Financial Corp raised its holdings in 3M by 10.5% during the 3rd quarter. Synovus Financial Corp now owns 58,585 shares of the conglomerate’s stock worth $5,486,000 after buying an additional 5,571 shares during the period. Bank of Nova Scotia lifted its stake in 3M by 11.7% during the third quarter. Bank of Nova Scotia now owns 61,541 shares of the conglomerate’s stock valued at $5,762,000 after buying an additional 6,425 shares in the last quarter. Finally, Cape Cod Five Cents Savings Bank boosted its holdings in shares of 3M by 59.2% in the third quarter. Cape Cod Five Cents Savings Bank now owns 30,320 shares of the conglomerate’s stock worth $2,839,000 after buying an additional 11,269 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Citigroup lifted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Barclays increased their price objective on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus target price of $111.58.

3M Stock Down 0.9 %

Shares of MMM traded down $0.98 during mid-day trading on Friday, hitting $102.19. 6,196,466 shares of the company’s stock were exchanged, compared to its average volume of 4,668,111. The stock has a market cap of $56.55 billion, a price-to-earnings ratio of -8.03, a P/E/G ratio of 1.94 and a beta of 0.96. The firm has a fifty day moving average of $99.23 and a two-hundred day moving average of $99.28. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a twelve month low of $71.12 and a twelve month high of $106.04.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate 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 negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the prior year, the business posted $1.97 earnings per share. On average, sell-side analysts forecast that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.74%. 3M’s payout ratio is currently -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.