PSI Advisors LLC Raises Stock Holdings in 3M (NYSE:MMM)

PSI Advisors LLC boosted its holdings in 3M (NYSE:MMM) by 8.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,329 shares of the conglomerate’s stock after buying an additional 182 shares during the quarter. PSI Advisors LLC’s holdings in 3M were worth $255,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its position in 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 3M by 5.7% during the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after purchasing an additional 619,370 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 7.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock valued at $1,684,639,000 after purchasing an additional 758,126 shares during the last quarter. Morgan Stanley increased its position in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after purchasing an additional 825,223 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of 3M by 0.6% during the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock valued at $1,103,670,000 after purchasing an additional 44,714 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research reports. JPMorgan Chase & Co. reduced their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. Citigroup increased their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Finally, Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $104.00.

3M Price Performance

MMM stock traded up $0.79 during midday trading on Friday, hitting $92.27. The company’s stock had a trading volume of 3,588,522 shares, compared to its average volume of 4,648,513. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm has a market capitalization of $51.06 billion, a price-to-earnings ratio of -7.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.02. The company has a 50 day moving average of $95.76 and a two-hundred day moving average of $97.30.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.28 EPS. On average, analysts expect that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently announced 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 is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.55%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

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.