CenterBook Partners LP Lowers Position in 3M (NYSE:MMM)

CenterBook Partners LP lessened its stake in 3M (NYSE:MMMFree Report) by 40.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,812 shares of the conglomerate’s stock after selling 7,923 shares during the quarter. CenterBook Partners LP’s holdings in 3M were worth $1,291,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. CGC Financial Services LLC lifted its holdings in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in shares of 3M by 42.8% in the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock worth $42,000 after buying an additional 116 shares in the last quarter. VisionPoint Advisory Group LLC lifted its holdings in shares of 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after buying an additional 215 shares in the last quarter. Banco de Sabadell S.A purchased a new position in shares of 3M in the third quarter worth $70,000. Finally, Central Bank & Trust Co. lifted its holdings in shares of 3M by 113.4% in the fourth quarter. Central Bank & Trust Co. now owns 907 shares of the conglomerate’s stock worth $99,000 after buying an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 2.7 %

Shares of NYSE MMM traded up $2.64 during mid-day trading on Friday, reaching $100.86. The company had a trading volume of 5,636,659 shares, compared to its average volume of 5,004,987. The business’s 50-day moving average is $96.36 and its 200-day moving average is $99.06. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market cap of $55.81 billion, a price-to-earnings ratio of -7.93, a price-to-earnings-growth ratio of 1.81 and a beta of 0.96. 3M has a 52 week low of $71.12 and a 52 week high of $106.04.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations 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 prior year, the business posted $1.97 earnings per share. Equities analysts expect that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date is Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and upped their price target for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. StockNews.com initiated coverage on shares of 3M in a research note on Thursday. They set a “buy” rating on the stock. Finally, Barclays increased their target price on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $110.36.

Get Our Latest Stock Analysis 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.

Further Reading

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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