3M (NYSE:MMM) Shares Sold by Mengis Capital Management Inc.

Mengis Capital Management Inc. decreased its position in shares of 3M (NYSE:MMMFree Report) by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,390 shares of the conglomerate’s stock after selling 477 shares during the quarter. Mengis Capital Management Inc.’s holdings in 3M were worth $2,190,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Markel Corp increased its stake in shares of 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after purchasing an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC increased its stake in shares of 3M by 5.3% during the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after purchasing an additional 326 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of 3M during the 1st quarter worth approximately $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in 3M by 17.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after acquiring an additional 977 shares during the period. Finally, Covestor Ltd raised its holdings in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after acquiring an additional 538 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Citigroup cut their price target on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. StockNews.com upgraded 3M from a “hold” rating to a “buy” rating in a report on Wednesday, October 25th. Royal Bank of Canada upped their price objective on 3M from $83.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, January 24th. Finally, Mizuho lowered their price target on 3M from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $106.00.

Check Out Our Latest Analysis on MMM

3M Stock Up 1.9 %

Shares of MMM stock traded up $1.73 during trading hours on Monday, hitting $94.63. 4,086,179 shares of the company were exchanged, compared to its average volume of 4,474,555. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a one year low of $85.35 and a one year high of $115.62. The business’s 50-day simple moving average is $103.29 and its two-hundred day simple moving average is $99.56. The stock has a market capitalization of $52.30 billion, a price-to-earnings ratio of -7.36, a P/E/G ratio of 1.34 and a beta of 1.02.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. 3M’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.28 earnings per share. Sell-side analysts predict that 3M will post 9.56 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.38%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is presently -47.51%.

3M Profile

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.