3M (NYSE:MMM) Shares Sold by Ascent Group LLC

Ascent Group LLC cut its position in 3M (NYSE:MMM) by 18.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,449 shares of the conglomerate’s stock after selling 780 shares during the quarter. Ascent Group LLC’s holdings in 3M were worth $366,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of MMM. Tributary Capital Management LLC bought a new position in shares of 3M during the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in 3M during the 1st quarter worth approximately $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the 4th quarter worth approximately $35,000. Finally, Godsey & Gibb Inc. acquired a new position in shares of 3M in the 1st quarter worth approximately $42,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 1.5 %

MMM traded down $1.90 during trading on Monday, reaching $125.26. The company had a trading volume of 10,814,754 shares, compared to its average volume of 5,452,062. The company has a market cap of $69.31 billion, a P/E ratio of -9.85, a PEG ratio of 2.36 and a beta of 0.95. 3M has a 12 month low of $71.12 and a 12 month high of $128.65. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The business’s fifty day moving average price is $102.45 and its 200 day moving average price is $98.81.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company earned $2.17 earnings per share. Equities analysts anticipate that 3M will post 7.19 EPS for the current year.

3M Cuts Dividend

The firm 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 was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.24%. 3M’s payout ratio is currently -22.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Barclays lifted their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday. StockNews.com began coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating for the company. Finally, Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.92.

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.