First Horizon Advisors Inc. Has $2.51 Million Stock Position in 3M (NYSE:MMM)

First Horizon Advisors Inc. lowered its position in shares of 3M (NYSE:MMM) by 40.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,927 shares of the conglomerate’s stock after selling 15,281 shares during the quarter. First Horizon Advisors Inc.’s holdings in 3M were worth $2,506,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Robertson Stephens Wealth Management LLC boosted its position in 3M by 7.3% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 5,577 shares of the conglomerate’s stock worth $610,000 after acquiring an additional 378 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of 3M by 12.6% during the 4th quarter. First Trust Direct Indexing L.P. now owns 11,856 shares of the conglomerate’s stock valued at $1,296,000 after acquiring an additional 1,324 shares in the last quarter. Great Valley Advisor Group Inc. increased its stake in shares of 3M by 9.7% in the fourth quarter. Great Valley Advisor Group Inc. now owns 18,226 shares of the conglomerate’s stock worth $1,993,000 after acquiring an additional 1,610 shares during the last quarter. New York Life Investment Management LLC raised its holdings in shares of 3M by 0.6% during the fourth quarter. New York Life Investment Management LLC now owns 86,554 shares of the conglomerate’s stock worth $9,462,000 after acquiring an additional 539 shares in the last quarter. Finally, Buckhead Capital Management LLC increased its position in 3M by 11.0% in the 4th quarter. Buckhead Capital Management LLC now owns 21,248 shares of the conglomerate’s stock worth $2,323,000 after purchasing an additional 2,110 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.4 %

Shares of NYSE MMM opened at $97.15 on Friday. 3M has a one year low of $71.12 and a one year high of $99.70. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64. The business has a fifty day simple moving average of $96.05 and a 200 day simple moving average of $97.54.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the business earned $1.97 EPS. As a group, equities research analysts expect that 3M will post 7.26 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. 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 6.22%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.48%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MMM shares. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $111.00 in a report on Wednesday. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Citigroup upped their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Finally, Mizuho reaffirmed a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $103.70.

Insider Buying and Selling at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were 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 of the company’s stock, 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. Company insiders own 0.34% of the company’s stock.

3M 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.