Snowden Capital Advisors LLC Lowers Position in 3M (NYSE:MMM)

Snowden Capital Advisors LLC cut its holdings in 3M (NYSE:MMM) by 2.1% in the fourth quarter, Holdings Channel reports. The fund owned 9,503 shares of the conglomerate’s stock after selling 205 shares during the quarter. Snowden Capital Advisors LLC’s holdings in 3M were worth $1,227,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new stake in 3M in the fourth quarter worth about $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M during the fourth quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of 3M by 230.1% during the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

MMM opened at $153.11 on Monday. 3M has a 52-week low of $96.76 and a 52-week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market cap of $82.40 billion, a P/E ratio of 20.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The firm’s 50-day moving average price is $141.60 and its 200-day moving average price is $139.47.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, equities analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analyst Weigh In

Several research firms have commented on MMM. Royal Bank of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Citigroup decreased their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Barclays increased their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $152.08.

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.