First Dallas Securities Inc. Sells 14,033 Shares of 3M (NYSE:MMM)

First Dallas Securities Inc. trimmed its holdings in shares of 3M (NYSE:MMM) by 65.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,544 shares of the conglomerate’s stock after selling 14,033 shares during the quarter. First Dallas Securities Inc.’s holdings in 3M were worth $800,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Jade Capital Advisors LLC bought a new stake in shares of 3M in the 4th quarter valued at $4,373,000. MWA Asset Management bought a new position in 3M during the fourth quarter worth $1,723,000. Scarborough Advisors LLC bought a new position in 3M during the fourth quarter worth $978,000. Diversified Trust Co boosted its stake in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its stake in 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after acquiring an additional 311 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

MMM traded down $0.98 during trading on Friday, hitting $102.19. 6,196,466 shares of the company traded hands, compared to its average volume of 4,668,111. The firm has a market cap of $56.55 billion, a P/E ratio of -8.03, a price-to-earnings-growth ratio of 1.94 and a beta of 0.96. The stock’s fifty day moving average is $99.23 and its 200 day moving average is $99.28. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a one year low of $71.12 and a one year high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion during 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 quarter in the prior year, the business earned $1.97 earnings per share. As a group, equities analysts predict that 3M will post 7.09 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 given a dividend of $0.70 per share. 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 2.74%. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MMM shares. Citigroup increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.58.

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.