SignalPoint Asset Management LLC Decreases Position in 3M (NYSE:MMM)

SignalPoint Asset Management LLC lessened its holdings in shares of 3M (NYSE:MMM) by 6.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,226 shares of the conglomerate’s stock after selling 232 shares during the period. SignalPoint Asset Management LLC’s holdings in 3M were worth $323,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gladstone Institutional Advisory LLC raised its position 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 purchasing an additional 1,333 shares during the last quarter. American Century Companies Inc. raised its stake in 3M by 32.9% in the 1st quarter. American Century Companies Inc. now owns 94,855 shares of the conglomerate’s stock worth $9,844,000 after acquiring an additional 23,485 shares during the last quarter. Mirador Capital Partners LP purchased a new position in 3M in the 1st quarter worth $304,000. Louisiana State Employees Retirement System raised its stake in 3M by 0.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 35,800 shares of the conglomerate’s stock worth $3,763,000 after acquiring an additional 100 shares during the last quarter. Finally, Mayflower Financial Advisors LLC raised its stake in 3M by 1.6% in the 1st quarter. Mayflower Financial Advisors LLC now owns 33,190 shares of the conglomerate’s stock worth $3,489,000 after acquiring an additional 526 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

3M Price Performance

NYSE:MMM traded down $0.65 during trading hours on Tuesday, hitting $100.39. 371,577 shares of the stock were exchanged, compared to its average volume of 3,605,339. The firm’s fifty day moving average price is $104.39 and its 200 day moving average price is $102.92. 3M has a 52-week low of $92.38 and a 52-week high of $133.91. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.44 and a quick ratio of 0.96.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.44. The business had revenue of $7.99 billion for 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 quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.48 earnings per share. On average, equities analysts expect that 3M will post 8.95 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 5.98%. The ex-dividend date of this dividend was Friday, August 18th. 3M’s dividend payout ratio is currently -211.27%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MMM. Royal Bank of Canada raised their price target on shares of 3M from $95.00 to $100.00 in a research report on Wednesday, July 26th. Citigroup raised their price target on shares of 3M from $100.00 to $111.00 in a research report on Wednesday, July 26th. HSBC assumed coverage on 3M in a research note on Friday. They set a “hold” rating and a $109.00 price objective for the company. Mizuho reiterated a “neutral” rating and set a $120.00 price objective on shares of 3M in a research note on Tuesday, August 29th. Finally, Morgan Stanley upgraded 3M from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $102.00 to $113.00 in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $113.08.

3M 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.