Centerstone Investors LLC boosted its stake in shares of 3M (NYSE:MMM – Free Report) by 38.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,433 shares of the conglomerate’s stock after buying an additional 4,874 shares during the period. 3M accounts for about 2.2% of Centerstone Investors LLC’s investment portfolio, making the stock its 21st biggest holding. Centerstone Investors LLC’s holdings in 3M were worth $1,832,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the stock. McIlrath & Eck LLC lifted its holdings in 3M by 13.3% during the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after buying an additional 98 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in shares of 3M by 1.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock valued at $1,182,000 after purchasing an additional 98 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of 3M by 0.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 35,800 shares of the conglomerate’s stock valued at $3,763,000 after purchasing an additional 100 shares during the last quarter. Providence Wealth Advisors LLC lifted its holdings in shares of 3M by 1.3% during the 1st quarter. Providence Wealth Advisors LLC now owns 7,867 shares of the conglomerate’s stock valued at $828,000 after purchasing an additional 102 shares during the last quarter. Finally, Vestcor Inc lifted its holdings in shares of 3M by 0.8% during the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after purchasing an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.
3M Price Performance
Shares of MMM stock traded up $1.75 during trading hours on Monday, hitting $107.99. 1,110,799 shares of the company’s stock were exchanged, compared to its average volume of 3,572,333. The company has a quick ratio of 0.96, a current ratio of 1.44 and a debt-to-equity ratio of 1.65. The firm has a market cap of $59.61 billion, a P/E ratio of -37.41, a P/E/G ratio of 1.64 and a beta of 0.96. The firm has a 50 day moving average of $103.89 and a two-hundred day moving average of $103.08. 3M has a fifty-two week low of $92.38 and a fifty-two week high of $133.91.
3M (NYSE:MMM – Get Free Report) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.44. The business had revenue of $7.99 billion during the quarter, compared to the consensus estimate of $7.88 billion. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.48 EPS. Sell-side analysts forecast that 3M will post 8.95 EPS for the current year.
3M Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 5.56%. The ex-dividend date is Friday, August 18th. 3M’s payout ratio is -211.27%.
Wall Street Analyst Weigh In
MMM has been the subject of several analyst reports. Royal Bank of Canada increased their price objective on 3M from $95.00 to $100.00 in a report on Wednesday, July 26th. Wells Fargo & Company reduced their target price on 3M from $110.00 to $100.00 in a research note on Monday, July 10th. UBS Group raised their target price on 3M from $95.00 to $115.00 in a research note on Tuesday, July 25th. Morgan Stanley upgraded 3M from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $102.00 to $113.00 in a research note on Thursday, August 31st. Finally, StockNews.com initiated coverage on 3M in a research note on Thursday, August 17th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $113.45.
About 3M
3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.