Cornerstone Advisors LLC Sells 2,600 Shares of 3M (NYSE:MMM)

Cornerstone Advisors LLC cut its stake in 3M (NYSE:MMMFree Report) by 11.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,500 shares of the conglomerate’s stock after selling 2,600 shares during the period. Cornerstone Advisors LLC’s holdings in 3M were worth $2,241,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Fragasso Group Inc. increased its position in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares in the last quarter. Bangor Savings Bank raised its position in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 104 shares during the last quarter. Allen Capital Group LLC grew its position in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the period. N.E.W. Advisory Services LLC grew its holdings in shares of 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after buying an additional 111 shares during the period. Finally, Allegheny Financial Group LTD raised its stake in 3M by 2.3% during the 4th quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock worth $550,000 after buying an additional 113 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE:MMM opened at $105.23 on Tuesday. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The stock’s 50 day moving average price is $97.83 and its two-hundred day moving average price is $98.57. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the business posted $1.97 earnings per share. On average, equities research analysts predict that 3M will post 7.23 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.66%. The ex-dividend date is Thursday, May 23rd. 3M’s payout ratio is -47.48%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. HSBC raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Barclays cut their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Citigroup upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, UBS Group boosted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $107.55.

Read Our Latest Report on 3M

3M Profile

(Free Report)

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.

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

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