Eagle Ridge Investment Management Lowers Stock Position in 3M (NYSE:MMM)

Eagle Ridge Investment Management reduced its position in 3M (NYSE:MMM) by 11.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,794 shares of the conglomerate’s stock after selling 1,250 shares during the quarter. Eagle Ridge Investment Management’s holdings in 3M were worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. MV Capital Management Inc. lifted its stake in shares of 3M by 4.6% in the 1st quarter. MV Capital Management Inc. now owns 3,581 shares of the conglomerate’s stock valued at $380,000 after purchasing an additional 156 shares in the last quarter. Capital Advisors Ltd. LLC grew 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 period. Applied Capital LLC FL increased its position in shares of 3M by 6.1% in the first quarter. Applied Capital LLC FL now owns 9,187 shares of the conglomerate’s stock worth $974,000 after acquiring an additional 526 shares in the last quarter. Tributary Capital Management LLC purchased a new position in shares of 3M in the 1st quarter valued at $25,000. Finally, Steele Capital Management Inc. lifted its holdings in shares of 3M by 13.8% during the 1st quarter. Steele Capital Management Inc. now owns 3,411 shares of the conglomerate’s stock valued at $362,000 after acquiring an additional 413 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 1.0 %

3M stock traded up $1.01 during midday trading on Tuesday, hitting $101.62. The stock had a trading volume of 2,290,793 shares, compared to its average volume of 5,480,171. The business has a fifty day moving average price of $99.39 and a 200 day moving average price of $99.18. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The stock has a market cap of $56.23 billion, a P/E ratio of -7.98, a P/E/G 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 issued 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 company had revenue of $8 billion during the quarter, compared to analyst estimates 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 last year, the firm earned $1.97 EPS. Research analysts predict that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s payout ratio is currently -22.01%.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Barclays upped their target price on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. UBS Group lifted 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. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Hold” and an average target price of $111.58.

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.