Mengis Capital Management Inc. Has $2.19 Million Stake in 3M (NYSE:MMM)

Mengis Capital Management Inc. lowered its position in 3M (NYSE:MMMFree Report) by 2.0% during the third quarter, Holdings Channel reports. The firm owned 23,390 shares of the conglomerate’s stock after selling 477 shares during the period. Mengis Capital Management Inc.’s holdings in 3M were worth $2,190,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Moneta Group Investment Advisors LLC raised its holdings in 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after buying an additional 6,647,593 shares during the last quarter. Norges Bank bought a new stake in shares of 3M in the 4th quarter worth $369,974,000. Renaissance Technologies LLC grew its stake in shares of 3M by 1,889.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after acquiring an additional 1,288,400 shares in the last quarter. Morgan Stanley grew its stake in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after acquiring an additional 825,223 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 3M by 7.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after acquiring an additional 758,126 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MMM shares. Citigroup reduced their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. JPMorgan Chase & Co. increased their price target on shares of 3M from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Mizuho reduced their price target on shares of 3M from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Finally, StockNews.com upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $106.00.

Check Out Our Latest Analysis on MMM

3M Stock Performance

Shares of MMM traded up $1.73 during trading hours on Monday, hitting $94.63. The company’s stock had a trading volume of 4,086,179 shares, compared to its average volume of 4,474,555. The company has a market cap of $52.30 billion, a price-to-earnings ratio of -7.36, a PEG ratio of 1.34 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business has a 50 day simple moving average of $103.29 and a two-hundred day simple moving average of $99.56. 3M has a 52-week low of $85.35 and a 52-week high of $115.62.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS 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 company had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the business earned $2.28 earnings per share. 3M’s revenue was down 1.1% compared to the same quarter last year. On average, equities analysts expect that 3M will post 9.56 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $1.51 per share. The ex-dividend date is Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.38%. 3M’s payout ratio is presently -47.51%.

3M Company Profile

(Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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