Fisher Asset Management LLC Has $4.22 Million Stake in 3M (NYSE:MMM)

Fisher Asset Management LLC lowered its holdings in shares of 3M (NYSE:MMM) by 28.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,559 shares of the conglomerate’s stock after selling 15,392 shares during the period. Fisher Asset Management LLC’s holdings in 3M were worth $4,215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CGC Financial Services LLC grew its position in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the period. VisionPoint Advisory Group LLC raised its holdings in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 215 shares during the last quarter. Cape Investment Advisory Inc. lifted its position in 3M by 42.8% during the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 116 shares during the period. Vermillion & White Wealth Management Group LLC bought a new position in shares of 3M in the 4th quarter valued at about $63,000. Finally, Security National Bank acquired a new stake in shares of 3M during the 4th quarter worth approximately $67,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MMM. Royal Bank of Canada lifted their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. HSBC upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Finally, Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $111.58.

3M Trading Up 0.9 %

NYSE:MMM opened at $101.68 on Friday. The company has a market cap of $56.27 billion, a P/E ratio of -7.99, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The business has a 50 day moving average price of $97.91 and a two-hundred day moving average price of $99.30. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the previous year, the business earned $1.97 earnings per share. As a group, analysts expect that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

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.