PDS Planning Inc Reduces Holdings in 3M (NYSE:MMM)

PDS Planning Inc decreased its position in shares of 3M (NYSE:MMM) by 25.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,928 shares of the conglomerate’s stock after selling 995 shares during the quarter. PDS Planning Inc’s holdings in 3M were worth $320,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Trilogy Capital Inc. grew its holdings in shares of 3M by 11.8% during the third quarter. Trilogy Capital Inc. now owns 24,404 shares of the conglomerate’s stock worth $2,285,000 after buying an additional 2,583 shares during the last quarter. Ziegler Capital Management LLC grew its holdings in shares of 3M by 2.6% during the third quarter. Ziegler Capital Management LLC now owns 19,626 shares of the conglomerate’s stock worth $1,837,000 after buying an additional 491 shares during the last quarter. Advisors Management Group Inc. ADV grew its holdings in shares of 3M by 4.5% during the third quarter. Advisors Management Group Inc. ADV now owns 12,373 shares of the conglomerate’s stock worth $1,158,000 after buying an additional 531 shares during the last quarter. Riverview Trust Co grew its holdings in shares of 3M by 81.4% during the third quarter. Riverview Trust Co now owns 1,585 shares of the conglomerate’s stock worth $148,000 after buying an additional 711 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of 3M by 265,023.1% during the third quarter. Exchange Traded Concepts LLC now owns 68,932 shares of the conglomerate’s stock worth $6,453,000 after buying an additional 68,906 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock traded up $0.66 during midday trading on Tuesday, reaching $93.28. 1,417,091 shares of the company traded hands, compared to its average volume of 5,773,568. The firm’s 50 day simple moving average is $95.72 and its two-hundred day simple moving average is $97.40. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. 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 firm has a market cap of $51.62 billion, a PE ratio of -7.44, a price-to-earnings-growth ratio of 1.63 and a beta of 1.02.

3M (NYSE:MMM) last posted its quarterly 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. 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 the consensus estimate of $7.69 billion. During the same period last year, the firm earned $2.28 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts expect that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.48%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M 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 transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MMM. Wells Fargo & Company lowered their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Bank of America lowered 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. JPMorgan Chase & Co. lowered their price target on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Citigroup raised their price objective on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Mizuho restated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $104.00.

About 3M

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.