LVW Advisors LLC Has $913,000 Stock Holdings in 3M (NYSE:MMM)

LVW Advisors LLC trimmed its holdings in shares of 3M (NYSE:MMM) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,605 shares of the conglomerate’s stock after selling 283 shares during the period. LVW Advisors LLC’s holdings in 3M were worth $913,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth $502,585,000. Pacer Advisors Inc. lifted its holdings in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in 3M by 157.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after buying an additional 1,103,459 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after acquiring an additional 1,068,748 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 0.9 %

MMM stock opened at $102.19 on Monday. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The stock has a market capitalization of $56.55 billion, a price-to-earnings ratio of -8.03, a P/E/G ratio of 1.90 and a beta of 0.95. The business has a fifty day moving average price of $99.23 and a 200 day moving average price of $99.22. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04.

3M (NYSE:MMM) last released its quarterly 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. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the business posted $1.97 earnings per share. Analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

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

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. StockNews.com started coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating on the stock. 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 report on Wednesday, May 1st. Citigroup lifted their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. One research 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 company currently has an average rating of “Hold” and an average price target of $111.58.

3M Company 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.