Courier Capital LLC Lowers Holdings in 3M (NYSE:MMM)

Courier Capital LLC decreased its stake in 3M (NYSE:MMM) by 6.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,399 shares of the conglomerate’s stock after selling 1,048 shares during the quarter. Courier Capital LLC’s holdings in 3M were worth $1,633,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Jade Capital Advisors LLC purchased a new position in 3M during the fourth quarter worth approximately $4,373,000. MWA Asset Management purchased a new position in 3M during the fourth quarter worth approximately $1,723,000. Scarborough Advisors LLC purchased a new position in 3M during the fourth quarter worth approximately $978,000. Diversified Trust Co boosted its position in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its position in 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of a number of recent analyst reports. StockNews.com began coverage on 3M in a research report on Thursday, June 6th. They set a “buy” rating on the stock. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and increased their target price for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Barclays increased their target price on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $111.58.

3M Price Performance

Shares of 3M stock opened at $102.18 on Friday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04. 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 50 day moving average of $99.23 and a 200 day moving average of $99.28.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $1.97 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.74%. 3M’s dividend payout ratio is currently -22.01%.

About 3M

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.