TIAA Trust National Association Sells 2,720 Shares of 3M (NYSE:MMM)

TIAA Trust National Association cut its stake in 3M (NYSE:MMM) by 5.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,127 shares of the conglomerate’s stock after selling 2,720 shares during the period. TIAA Trust National Association’s holdings in 3M were worth $5,529,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $32,000. Livelsberger Financial Advisory acquired a new stake in shares of 3M during the 4th quarter worth approximately $35,000. Finally, CGC Financial Services LLC grew its position in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Stock Down 0.1 %

Shares of 3M stock traded down $0.10 on Friday, hitting $103.92. The company had a trading volume of 2,884,897 shares, compared to its average volume of 3,465,231. The firm has a market capitalization of $57.51 billion, a P/E ratio of -8.17, a P/E/G ratio of 1.93 and a beta of 0.95. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. 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 50-day moving average of $101.40 and a 200-day moving average of $98.75.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $1.97 earnings per share. Research analysts predict that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MMM shares. Barclays lifted their price target on shares of 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Bank of America upgraded 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 report on Friday, June 7th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Wells Fargo & Company boosted their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Finally, HSBC upgraded 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 report on Friday, May 10th. 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.17.

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.