Net Worth Advisory Group Cuts Stock Holdings in 3M (NYSE:MMM)

Net Worth Advisory Group decreased its stake in shares of 3M (NYSE:MMM) by 16.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,714 shares of the conglomerate’s stock after selling 346 shares during the period. Net Worth Advisory Group’s holdings in 3M were worth $252,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. REAP Financial Group LLC boosted its position in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares during the last quarter. Curat Global LLC purchased a new position in 3M in the first quarter worth $29,000. Hazlett Burt & Watson Inc. purchased a new position in 3M in the fourth quarter worth $27,000. Pinney & Scofield Inc. purchased a new position in 3M in the fourth quarter worth $28,000. Finally, Meeder Asset Management Inc. boosted its position in 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Citigroup boosted their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Royal Bank of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Finally, Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.46.

3M Price Performance

MMM opened at $144.60 on Friday. The stock has a 50-day moving average price of $141.94 and a 200-day moving average price of $141.71. 3M has a 12-month low of $98.26 and a 12-month high of $156.35. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $77.82 billion, a P/E ratio of 19.15, a PEG ratio of 3.30 and a beta of 1.03.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. Equities analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.02%. 3M’s payout ratio is currently 36.87%.

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

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.