HM Payson & Co. Lowers Stock Position in 3M (NYSE:MMM)

HM Payson & Co. cut its holdings in 3M (NYSE:MMM) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,131 shares of the conglomerate’s stock after selling 3,475 shares during the period. HM Payson & Co.’s holdings in 3M were worth $2,454,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in MMM. Jade Capital Advisors LLC bought a new position in shares of 3M during the 4th quarter valued at approximately $4,373,000. Scarborough Advisors LLC purchased a new stake in shares of 3M during the 4th quarter worth $978,000. KMG Fiduciary Partners LLC lifted its stake in shares of 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 311 shares during the last quarter. Norden Group LLC increased its position in 3M by 1,381.0% during the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after buying an additional 60,929 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in 3M by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 187,719 shares of the conglomerate’s stock worth $20,521,000 after purchasing an additional 11,528 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 1.0 %

NYSE MMM traded down $1.23 during trading hours on Friday, reaching $125.24. The company had a trading volume of 4,021,383 shares, compared to its average volume of 5,628,400. The stock has a market capitalization of $68.80 billion, a P/E ratio of -9.85, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. 3M has a 1-year low of $71.12 and a 1-year high of $128.65. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a 50-day moving average of $104.49 and a 200 day moving average of $99.39.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the company earned $2.17 earnings per share. As a group, research analysts anticipate that 3M will post 7.21 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders 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 annualized dividend and a dividend yield of 2.24%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Barclays lifted their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Wells Fargo & Company boosted their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $123.57.

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.