3M (NYSE:MMM) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale reduced its stake in shares of 3M (NYSE:MMM) by 23.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 429,471 shares of the conglomerate’s stock after selling 130,661 shares during the period. DekaBank Deutsche Girozentrale’s holdings in 3M were worth $44,679,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC acquired a new position in 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M during the 1st quarter worth $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M in the 4th quarter worth about $35,000. Finally, Godsey & Gibb Inc. acquired a new stake in 3M in the 1st quarter valued at about $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Down 1.0 %

NYSE:MMM traded down $1.23 during trading hours on Friday, reaching $125.24. 4,021,383 shares of the company were exchanged, compared to its average volume of 5,628,400. 3M has a 52-week low of $71.12 and a 52-week high of $128.65. The stock has a 50 day simple moving average of $104.49 and a 200 day simple moving average of $99.39. The firm has a market cap of $68.80 billion, a price-to-earnings ratio of -9.85, a PEG ratio of 2.34 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter last year, the firm earned $2.17 earnings per share. As a group, analysts predict that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.24%. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMM. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Bank of America raised their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $123.57.

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.