Edgestream Partners L.P. Makes New Investment in 3M (NYSE:MMM)

Edgestream Partners L.P. acquired a new stake in shares of 3M (NYSE:MMM) during the 1st quarter, HoldingsChannel reports. The firm acquired 18,757 shares of the conglomerate’s stock, valued at approximately $1,990,000.

Several other large investors have also recently made changes to their positions in the business. Patten & Patten Inc. TN increased its stake in shares of 3M by 0.7% during the first quarter. Patten & Patten Inc. TN now owns 23,693 shares of the conglomerate’s stock valued at $2,513,000 after buying an additional 167 shares during the period. Osaic Holdings Inc. grew its position in shares of 3M by 6.5% during the first quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock worth $36,305,000 after purchasing an additional 20,900 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of 3M by 116.6% during the first quarter. Acadian Asset Management LLC now owns 170,766 shares of the conglomerate’s stock worth $18,106,000 after purchasing an additional 91,941 shares in the last quarter. Vanguard Group Inc. boosted its stake in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of 3M by 3.1% during the 1st quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock worth $3,135,000 after acquiring an additional 875 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.0 %

3M stock traded up $1.05 during midday trading on Monday, reaching $104.97. The stock had a trading volume of 2,668,194 shares, compared to its average volume of 5,262,667. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The firm has a market cap of $58.09 billion, a price-to-earnings ratio of -8.16, a PEG ratio of 1.93 and a beta of 0.95. The firm’s fifty day simple moving average is $101.40 and its two-hundred day simple moving average is $98.69.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates 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 last year, the business posted $1.97 EPS. Equities analysts anticipate that 3M will post 7.17 EPS for the current fiscal 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 paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MMM. StockNews.com started coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Barclays raised their price target on 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Citigroup lifted 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, UBS Group lifted 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $112.17.

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.