PSI Advisors LLC Boosts Stock Position in 3M (NYSE:MMM)

PSI Advisors LLC lifted its position in 3M (NYSE:MMM) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,329 shares of the conglomerate’s stock after buying an additional 182 shares during the quarter. PSI Advisors LLC’s holdings in 3M were worth $255,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in shares of 3M in the 4th quarter valued at $1,138,000. First Command Advisory Services Inc. raised its holdings in shares of 3M by 10.3% in the 4th quarter. First Command Advisory Services Inc. now owns 2,122 shares of the conglomerate’s stock valued at $232,000 after buying an additional 198 shares during the period. Signaturefd LLC raised its holdings in shares of 3M by 36.6% in the 4th quarter. Signaturefd LLC now owns 8,913 shares of the conglomerate’s stock valued at $974,000 after buying an additional 2,386 shares during the period. Pathway Financial Advisors LLC purchased a new stake in shares of 3M in the 4th quarter valued at $205,000. Finally, Verdence Capital Advisors LLC increased its holdings in 3M by 17.3% during the 4th quarter. Verdence Capital Advisors LLC now owns 16,301 shares of the conglomerate’s stock worth $1,782,000 after purchasing an additional 2,405 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MMM shares. Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Citigroup upped their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America cut their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Barclays cut their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $104.00.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM traded up $0.79 during trading hours on Friday, reaching $92.27. The stock had a trading volume of 3,588,522 shares, compared to its average volume of 4,648,513. The firm has a market cap of $51.06 billion, a price-to-earnings ratio of -7.31, a PEG ratio of 1.63 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67. The firm has a 50-day moving average of $95.76 and a 200-day moving average of $97.30.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.28 EPS. Equities research analysts predict that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.55%. 3M’s dividend payout ratio is -47.82%.

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.