Wedge Capital Management L L P NC Cuts Holdings in 3M (NYSE:MMM)

Wedge Capital Management L L P NC trimmed its position in shares of 3M (NYSE:MMM) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 116,587 shares of the conglomerate’s stock after selling 5,992 shares during the quarter. Wedge Capital Management L L P NC’s holdings in 3M were worth $12,745,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after purchasing an additional 14,775 shares in the last quarter. Cornerstone Wealth Group LLC acquired a new stake in 3M in the 3rd quarter valued at $3,855,000. Shoker Investment Counsel Inc. lifted its holdings in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after purchasing an additional 5,561 shares in the last quarter. Diversified Trust Co increased its stake in shares of 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, MWA Asset Management purchased a new position in shares of 3M in the fourth quarter worth about $1,723,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock traded up $1.03 during trading on Tuesday, reaching $93.65. The company’s stock had a trading volume of 498,848 shares, compared to its average volume of 5,760,681. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The company has a 50-day simple moving average of $95.72 and a two-hundred day simple moving average of $97.40.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the business earned $2.28 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts predict that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.45%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Analyst Upgrades and Downgrades

MMM has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Barclays lowered their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. Finally, Bank of America lowered their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $104.00.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.38% of the stock is owned by corporate insiders.

3M 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.