3M (NYSE:MMM) Position Decreased by Royal Fund Management LLC

Royal Fund Management LLC reduced its holdings in 3M (NYSE:MMM) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,944 shares of the conglomerate’s stock after selling 5,266 shares during the quarter. Royal Fund Management LLC’s holdings in 3M were worth $3,824,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Briaud Financial Planning Inc acquired a new stake in shares of 3M during the 3rd quarter valued at $35,000. Authentikos Wealth Advisory LLC purchased a new stake in shares of 3M during the third quarter valued at $37,000. CGC Financial Services LLC boosted its position in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the period. VisionPoint Advisory Group LLC boosted its position in shares of 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 215 shares during the period. Finally, Psagot Value Holdings Ltd. Israel acquired a new stake in 3M during the 3rd quarter worth about $44,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Barclays lowered their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday. UBS Group lifted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.70.

3M Stock Up 0.4 %

3M stock traded up $0.34 during mid-day trading on Friday, hitting $97.15. 4,818,713 shares of the company’s stock were exchanged, compared to its average volume of 4,770,578. The stock has a market cap of $53.76 billion, a P/E ratio of -7.64, a P/E/G ratio of 1.78 and a beta of 1.00. The stock has a 50 day moving average of $96.14 and a two-hundred day moving average of $97.59. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the business earned $1.97 earnings per share. As a group, analysts anticipate that 3M will post 7.23 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. 3M’s payout ratio is currently -47.48%.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

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.