Evermay Wealth Management LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Evermay Wealth Management LLC cut its stake in 3M (NYSE:MMM) by 15.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,159 shares of the conglomerate’s stock after selling 208 shares during the period. Evermay Wealth Management LLC’s holdings in 3M were worth $123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after buying an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares during the last quarter. Norges Bank purchased a new stake in shares of 3M in the 4th quarter valued at approximately $502,585,000. Bank of New York Mellon Corp raised its holdings in shares of 3M by 10.6% in the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after purchasing an additional 435,439 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of 3M by 313.8% during 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 in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM traded up $0.15 during mid-day trading on Thursday, hitting $103.40. 4,593,157 shares of the company’s stock were exchanged, compared to its average volume of 5,221,275. 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 has a fifty-two week low of $71.12 and a fifty-two week high of $106.04. The business’s 50 day moving average is $101.61 and its two-hundred day moving average is $98.71. The firm has a market capitalization of $57.22 billion, a P/E ratio of -8.13, a P/E/G ratio of 1.95 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations 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 period last year, the firm earned $1.97 EPS. On average, equities analysts expect 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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analysts Set New Price Targets

A number of analysts have weighed in on MMM shares. Mizuho restated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Citigroup upped their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada raised 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. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. 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’s stock. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus target price of $112.17.

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.