Spinnaker Trust reduced its position in 3M Company (NYSE:MMM – Free Report) by 1.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 399,155 shares of the conglomerate’s stock after selling 3,874 shares during the period. 3M comprises approximately 3.2% of Spinnaker Trust’s holdings, making the stock its 6th biggest holding. Spinnaker Trust owned 0.08% of 3M worth $57,969,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of MMM. Corundum Group Inc. boosted its holdings in shares of 3M by 1.2% during the first quarter. Corundum Group Inc. now owns 99,152 shares of the conglomerate’s stock worth $14,400,000 after purchasing an additional 1,153 shares during the last quarter. SG Americas Securities LLC grew its position in shares of 3M by 653.6% in the first quarter. SG Americas Securities LLC now owns 2,369,879 shares of the conglomerate’s stock valued at $344,178,000 after purchasing an additional 2,055,419 shares during the period. Nations Financial Group Inc. IA ADV grew its position in shares of 3M by 1.2% in the first quarter. Nations Financial Group Inc. IA ADV now owns 7,947 shares of the conglomerate’s stock valued at $1,154,000 after purchasing an additional 91 shares during the period. PeakShares LLC acquired a new position in 3M in the fourth quarter valued at $947,000. Finally, Union Savings Bank acquired a new position in 3M in the fourth quarter valued at $415,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.
3M Trading Down 0.9%
Shares of MMM opened at $162.58 on Tuesday. 3M Company has a twelve month low of $139.34 and a twelve month high of $177.41. The firm has a market capitalization of $84.80 billion, a P/E ratio of 31.33, a price-to-earnings-growth ratio of 2.32 and a beta of 1.03. The company has a current ratio of 1.59, a quick ratio of 1.19 and a debt-to-equity ratio of 3.29. The stock’s fifty day simple moving average is $152.62 and its 200 day simple moving average is $156.52.
3M Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.78 per share. The ex-dividend date was Friday, May 22nd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s payout ratio is presently 60.12%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on MMM. Weiss Ratings lowered 3M from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 1st. UBS Group reaffirmed a “buy” rating on shares of 3M in a research note on Friday, March 13th. JPMorgan Chase & Co. cut their price objective on shares of 3M from $182.00 to $178.00 and set a “neutral” rating on the stock in a report on Wednesday, April 22nd. Royal Bank Of Canada decreased their target price on shares of 3M from $134.00 to $133.00 and set an “underperform” rating on the stock in a research report on Wednesday, April 22nd. Finally, Wolfe Research lowered their target price on shares of 3M from $205.00 to $186.00 and set an “outperform” rating for the company in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $170.00.
Get Our Latest Analysis on MMM
About 3M
3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.
3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).
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