Eagle Ridge Investment Management Has $1.04 Million Stock Holdings in 3M (NYSE:MMM)

Eagle Ridge Investment Management reduced its position in shares of 3M (NYSE:MMM) by 11.3% in the 1st quarter, Holdings Channel reports. The firm owned 9,794 shares of the conglomerate’s stock after selling 1,250 shares during the period. Eagle Ridge Investment Management’s holdings in 3M were worth $1,039,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Tributary Capital Management LLC acquired a new stake in 3M during the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its stake in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new stake in 3M in the first quarter valued at $32,000. Livelsberger Financial Advisory bought a new position in 3M during the 4th quarter worth $35,000. Finally, CGC Financial Services LLC grew its position in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 1.0 %

Shares of 3M stock traded up $1.01 during trading on Tuesday, reaching $101.62. The company’s stock had a trading volume of 2,290,793 shares, compared to its average volume of 5,480,171. 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 52-week low of $71.12 and a 52-week high of $106.04. The firm’s 50-day moving average is $99.39 and its two-hundred day moving average is $99.18. The company has a market cap of $56.23 billion, a price-to-earnings ratio of -7.98, a PEG ratio of 1.90 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The business 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 period in the prior year, the business posted $1.97 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. 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 2.76%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Analyst Ratings Changes

Several analysts recently commented on the company. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. StockNews.com began coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. HSBC upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Finally, Citigroup lifted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average 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.