Kovitz Investment Group Partners LLC Decreases Stake in 3M Co (MMM)

Kovitz Investment Group Partners LLC lessened its position in 3M Co (NYSE:MMM) by 15.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,735 shares of the conglomerate’s stock after selling 700 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in 3M were worth $820,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Virtue Capital Management LLC acquired a new stake in shares of 3M in the fourth quarter valued at approximately $127,000. Ballew Advisors Inc acquired a new stake in shares of 3M in the first quarter valued at approximately $122,000. Stelac Advisory Services LLC acquired a new stake in shares of 3M in the first quarter valued at approximately $125,000. Ford Financial Group Inc. acquired a new stake in shares of 3M in the fourth quarter valued at approximately $143,000. Finally, Risk Paradigm Group LLC increased its holdings in shares of 3M by 153.6% in the fourth quarter. Risk Paradigm Group LLC now owns 710 shares of the conglomerate’s stock valued at $167,000 after purchasing an additional 430 shares during the last quarter. Institutional investors and hedge funds own 65.62% of the company’s stock.

MMM has been the subject of several recent research reports. Barclays cut their price target on 3M from $235.00 to $230.00 and set an “underweight” rating for the company in a report on Monday, March 26th. UBS Group cut their target price on 3M from $250.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 26th. Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Wednesday, March 28th. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Finally, Citigroup set a $263.00 target price on 3M and gave the stock a “buy” rating in a research note on Saturday, June 9th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $240.65.

3M opened at $204.89 on Thursday, according to Marketbeat. 3M Co has a 52 week low of $191.44 and a 52 week high of $259.77. The firm has a market cap of $121.78 billion, a PE ratio of 22.34, a PEG ratio of 1.94 and a beta of 1.16. The company has a quick ratio of 1.17, a current ratio of 1.65 and a debt-to-equity ratio of 1.11.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 24th. The conglomerate reported $2.50 EPS for the quarter, hitting the consensus estimate of $2.50. 3M had a return on equity of 50.11% and a net margin of 12.83%. The business had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.21 billion. During the same period last year, the business posted $2.16 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. equities research analysts predict that 3M Co will post 10.4 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 12th. Stockholders of record on Friday, May 18th were given a dividend of $1.36 per share. The ex-dividend date of this dividend was Thursday, May 17th. This represents a $5.44 annualized dividend and a dividend yield of 2.66%. 3M’s dividend payout ratio is currently 59.32%.

About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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

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