Quintet Private Bank Europe S.A. Reduces Position in 3M (NYSE:MMM)

Quintet Private Bank Europe S.A. reduced its position in 3M (NYSE:MMM) by 24.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,435 shares of the conglomerate’s stock after selling 6,626 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in 3M were worth $2,234,000 as of its most recent SEC filing.

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

3M Stock Performance

Shares of NYSE:MMM traded down $0.64 on Friday, hitting $100.90. 2,685,142 shares of the company were exchanged, compared to its average volume of 4,775,869. 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’s 50 day moving average price is $97.24 and its 200 day moving average price is $99.26. 3M has a 1-year low of $71.12 and a 1-year high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate 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 EPS. Equities analysts expect that 3M will post 7.09 earnings per share for the current 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 paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Citigroup lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. StockNews.com assumed coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating for the company. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday. Finally, HSBC raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $111.58.

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.