3M (NYSE:MMM) Shares Sold by Pitcairn Co.

Pitcairn Co. lowered its holdings in 3M (NYSE:MMM) by 38.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,984 shares of the conglomerate’s stock after selling 2,460 shares during the quarter. Pitcairn Co.’s holdings in 3M were worth $423,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its stake in shares of 3M by 1.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 20,054 shares of the conglomerate’s stock worth $2,192,000 after buying an additional 280 shares during the last quarter. LaFleur & Godfrey LLC acquired a new position in shares of 3M during the 4th quarter worth $255,000. Buckley Wealth Management LLC raised its stake in shares of 3M by 19.5% during the 4th quarter. Buckley Wealth Management LLC now owns 21,869 shares of the conglomerate’s stock worth $2,391,000 after buying an additional 3,568 shares during the last quarter. Verum Partners LLC raised its stake in shares of 3M by 15.1% during the 4th quarter. Verum Partners LLC now owns 2,618 shares of the conglomerate’s stock worth $286,000 after buying an additional 343 shares during the last quarter. Finally, Successful Portfolios LLC raised its stake in shares of 3M by 8.7% during the 4th quarter. Successful Portfolios LLC now owns 3,025 shares of the conglomerate’s stock worth $331,000 after buying an additional 242 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.1 %

MMM traded up $0.14 during midday trading on Thursday, hitting $103.39. The company’s stock had a trading volume of 4,484,797 shares, compared to its average volume of 5,221,274. 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 firm has a market cap of $57.21 billion, a P/E ratio of -8.14, a PEG ratio of 1.95 and a beta of 0.95. The firm has a 50-day moving average price of $101.64 and a two-hundred day moving average price of $98.67. 3M has a 52-week low of $71.12 and a 52-week high of $106.04.

3M (NYSE:MMM) last issued its earnings results 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 business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the business earned $1.97 EPS. On average, research analysts anticipate that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is currently -22.01%.

Analyst Ratings Changes

MMM has been the subject of several research reports. Citigroup lifted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. StockNews.com assumed coverage on shares of 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, UBS Group boosted their target price 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. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $112.17.

About 3M

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.