BluePath Capital Management LLC Acquires 276 Shares of 3M (NYSE:MMM)

BluePath Capital Management LLC boosted its holdings in 3M (NYSE:MMM) by 4.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,058 shares of the conglomerate’s stock after acquiring an additional 276 shares during the period. BluePath Capital Management LLC’s holdings in 3M were worth $643,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in MMM. Vanguard Group Inc. increased its position in 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. increased its position in 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after buying an additional 43,732 shares during the period. Norges Bank bought a new position in 3M during the 4th quarter worth $502,585,000. Pacer Advisors Inc. increased its position in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the period. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MMM. UBS Group raised their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Royal Bank of Canada raised their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Mizuho restated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. StockNews.com assumed coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating on the stock. Finally, Barclays raised their price objective on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

Shares of MMM stock remained flat at $101.62 during mid-day trading on Wednesday. The stock had a trading volume of 1,230,587 shares, compared to its average volume of 5,446,716. The business has a fifty day moving average price of $99.56 and a two-hundred day moving average price of $99.14. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The stock has a market capitalization of $56.23 billion, a P/E ratio of -8.00, a price-to-earnings-growth ratio of 1.90 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the company earned $1.97 earnings per share. On average, equities research analysts anticipate that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. 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.