Kathmere Capital Management LLC reduced its holdings in 3M (NYSE:MMM – Free Report) by 13.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,934 shares of the conglomerate’s stock after selling 923 shares during the quarter. Kathmere Capital Management LLC’s holdings in 3M were worth $594,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Gladstone Institutional Advisory LLC lifted its holdings in shares of 3M by 5.2% in the 1st quarter. Gladstone Institutional Advisory LLC now owns 27,061 shares of the conglomerate’s stock valued at $2,844,000 after buying an additional 1,333 shares during the period. American Century Companies Inc. lifted its holdings in shares of 3M by 32.9% in the 1st quarter. American Century Companies Inc. now owns 94,855 shares of the conglomerate’s stock valued at $9,844,000 after buying an additional 23,485 shares during the period. Mirador Capital Partners LP acquired a new stake in shares of 3M in the 1st quarter valued at approximately $304,000. Louisiana State Employees Retirement System lifted its holdings in shares of 3M by 0.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 35,800 shares of the conglomerate’s stock valued at $3,763,000 after buying an additional 100 shares during the period. Finally, Mayflower Financial Advisors LLC raised its holdings in 3M by 1.6% during the first quarter. Mayflower Financial Advisors LLC now owns 33,190 shares of the conglomerate’s stock worth $3,489,000 after purchasing an additional 526 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on MMM shares. HSBC started coverage on 3M in a report on Friday. They set a “hold” rating and a $109.00 price objective for the company. Royal Bank of Canada lifted their price objective on 3M from $95.00 to $100.00 in a report on Wednesday, July 26th. Morgan Stanley raised 3M from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $102.00 to $113.00 in a report on Thursday, August 31st. Wells Fargo & Company reduced their price objective on 3M from $110.00 to $100.00 in a report on Monday, July 10th. Finally, VNET Group reaffirmed a “maintains” rating on shares of 3M in a report on Tuesday, June 27th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $113.08.
3M Stock Performance
3M stock opened at $101.06 on Friday. The company has a market capitalization of $55.78 billion, a price-to-earnings ratio of -35.58, a PEG ratio of 1.59 and a beta of 0.96. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.96 and a current ratio of 1.44. 3M has a fifty-two week low of $92.38 and a fifty-two week high of $133.91. The stock has a fifty day moving average of $104.39 and a two-hundred day moving average of $102.97.
3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.44. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.88 billion. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.48 earnings per share. On average, analysts anticipate that 3M will post 8.95 EPS for the current fiscal year.
3M Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date was Friday, August 18th. 3M’s dividend payout ratio is currently -211.27%.
3M Company Profile
3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
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