3M Company (NYSE:MMM) Stock Holdings Trimmed by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC lowered its holdings in shares of 3M Company (NYSE:MMM) by 2.9% during the 1st quarter, Holdings Channel reports. The fund owned 4,139 shares of the conglomerate’s stock after selling 123 shares during the period. Verdence Capital Advisors LLC’s holdings in 3M were worth $608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Wayfinding Financial LLC acquired a new position in shares of 3M during the 4th quarter valued at $851,000. Ensign Peak Advisors Inc grew its holdings in shares of 3M by 29.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after acquiring an additional 145,146 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of 3M in the 1st quarter worth $2,506,000. Allstate Corp acquired a new position in shares of 3M in the 4th quarter worth $2,101,000. Finally, Synergy Asset Management LLC grew its holdings in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate’s stock worth $663,000 after acquiring an additional 2,486 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 3.3%

Shares of MMM opened at $153.81 on Friday. The company has a market capitalization of $82.78 billion, a P/E ratio of 19.42, a PEG ratio of 3.10 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a one year low of $101.77 and a one year high of $164.15. The business’s 50 day simple moving average is $149.91 and its 200-day simple moving average is $145.43.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the prior year, the business earned $1.93 EPS. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, sell-side analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M’s dividend payout ratio is 36.87%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MMM shares. Citigroup lifted their price target on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Barclays set a $170.00 price objective on 3M in a research report on Friday. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research report on Friday. Royal Bank Of Canada boosted their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, July 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $156.33.

Insider Activity

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 transaction, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company’s stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.