Prosperity Consulting Group LLC Buys 2,255 Shares of 3M (NYSE:MMM)

Prosperity Consulting Group LLC increased its stake in 3M (NYSE:MMM) by 78.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,117 shares of the conglomerate’s stock after acquiring an additional 2,255 shares during the quarter. Prosperity Consulting Group LLC’s holdings in 3M were worth $543,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Mission Wealth Management LP increased its stake in shares of 3M by 58.2% in the 1st quarter. Mission Wealth Management LP now owns 7,422 shares of the conglomerate’s stock valued at $787,000 after acquiring an additional 2,731 shares in the last quarter. Northcape Wealth Management LLC increased its stake in shares of 3M by 13.3% in the 1st quarter. Northcape Wealth Management LLC now owns 2,360 shares of the conglomerate’s stock valued at $250,000 after acquiring an additional 277 shares in the last quarter. Flynn Zito Capital Management LLC increased its stake in shares of 3M by 135.1% in the 1st quarter. Flynn Zito Capital Management LLC now owns 4,881 shares of the conglomerate’s stock valued at $518,000 after acquiring an additional 2,805 shares in the last quarter. Hartline Investment Corp bought a new stake in shares of 3M in the 1st quarter valued at $342,000. Finally, Woodward Diversified Capital LLC grew its position in 3M by 4.9% in the 1st quarter. Woodward Diversified Capital LLC now owns 6,081 shares of the conglomerate’s stock valued at $645,000 after purchasing an additional 286 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on MMM. Barclays lifted their price target on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $105.00 to $120.00 in a research report on Friday, June 7th. UBS Group lifted their price target 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. Citigroup lifted their price target 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. Finally, Royal Bank of Canada lifted their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $111.58.

3M Stock Performance

Shares of NYSE:MMM traded down $0.30 during midday trading on Friday, reaching $101.32. The company had a trading volume of 3,059,577 shares, compared to its average volume of 3,445,509. The company’s 50 day moving average price is $100.15 and its 200 day moving average price is $99.14. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market cap of $56.07 billion, a P/E ratio of -7.97, a P/E/G ratio of 1.89 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $106.04.

3M (NYSE:MMM) last issued its quarterly 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 company 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 previous year, the firm earned $1.97 EPS. As a group, sell-side analysts anticipate that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend 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.