Abacus Wealth Partners LLC Boosts Holdings in 3M (NYSE:MMM)

Abacus Wealth Partners LLC raised its stake in shares of 3M (NYSE:MMMFree Report) by 7.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,442 shares of the conglomerate’s stock after purchasing an additional 178 shares during the period. Abacus Wealth Partners LLC’s holdings in 3M were worth $259,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. Livelsberger Financial Advisory purchased a new position in 3M during the fourth quarter valued at $35,000. CGC Financial Services LLC lifted its holdings in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares in the last quarter. VisionPoint Advisory Group LLC lifted its holdings in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 215 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in 3M by 42.8% during the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 116 shares in the last quarter. Finally, Vermillion & White Wealth Management Group LLC purchased a new position in 3M during the fourth quarter valued at $63,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 0.9 %

Shares of MMM traded up $0.91 during trading on Thursday, reaching $101.68. 3,476,642 shares of the company traded hands, compared to its average volume of 5,564,697. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The stock has a market cap of $56.27 billion, a PE ratio of -7.99, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96. The stock has a 50-day simple moving average of $97.91 and a 200-day simple moving average of $99.30. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMMGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating 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 business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the business earned $1.97 earnings per share. On average, analysts anticipate that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

MMM has been the topic of several research reports. Barclays raised their price target on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. StockNews.com initiated coverage on shares of 3M in a research note on Thursday, June 6th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. HSBC raised shares of 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 note on Friday, May 10th. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $111.58.

View Our Latest Stock Report on MMM

3M Company 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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