Cambridge Trust Co. Decreases Position in 3M (NYSE:MMM)

Cambridge Trust Co. reduced its position in shares of 3M (NYSE:MMM) by 11.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,659 shares of the conglomerate’s stock after selling 1,300 shares during the period. Cambridge Trust Co.’s holdings in 3M were worth $1,056,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MMM. Investors Asset Management of Georgia Inc. GA ADV raised its stake in 3M by 6.2% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 4,692 shares of the conglomerate’s stock valued at $512,000 after purchasing an additional 275 shares during the last quarter. Federated Hermes Inc. raised its position in shares of 3M by 14.1% in the fourth quarter. Federated Hermes Inc. now owns 154,824 shares of the conglomerate’s stock valued at $16,925,000 after buying an additional 19,104 shares during the last quarter. HF Advisory Group LLC lifted its stake in shares of 3M by 6.7% in the fourth quarter. HF Advisory Group LLC now owns 2,328 shares of the conglomerate’s stock worth $255,000 after buying an additional 146 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in 3M by 4.4% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,287 shares of the conglomerate’s stock worth $906,000 after acquiring an additional 346 shares during the last quarter. Finally, Telos Capital Management Inc. grew its stake in 3M by 133.2% during the 4th quarter. Telos Capital Management Inc. now owns 6,838 shares of the conglomerate’s stock valued at $748,000 after acquiring an additional 3,906 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

NYSE MMM opened at $91.40 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock has a 50-day moving average of $95.77 and a two-hundred day moving average of $97.22. 3M has a 1-year low of $71.12 and a 1-year high of $95.67.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business posted $2.28 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.61%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is currently -47.82%.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company decreased their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. cut their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. Citigroup upped their target price on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus price target of $104.00.

3M Company 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.