Norden Group LLC Has $6.93 Million Stock Position in 3M (NYSE:MMM)

Norden Group LLC grew its position in 3M (NYSE:MMM) by 1,381.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 65,341 shares of the conglomerate’s stock after buying an additional 60,929 shares during the period. Norden Group LLC’s holdings in 3M were worth $6,930,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory bought a new stake in 3M in the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC lifted its position in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $101.62 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm’s 50-day moving average is $99.75 and its 200-day moving average is $99.16. 3M has a 52-week low of $71.12 and a 52-week high of $106.04.

3M (NYSE:MMM) last issued 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 company 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 firm earned $1.97 EPS. As a group, equities research analysts forecast that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s payout ratio is -22.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MMM shares. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a research report on Thursday, June 13th. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Barclays boosted their price objective on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Finally, Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $105.00 to $120.00 in a research report on Friday, June 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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.