EP Wealth Advisors LLC Has $1.52 Million Position in 3M (NYSE:MMM)

EP Wealth Advisors LLC raised its stake in 3M (NYSE:MMM) by 25.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,344 shares of the conglomerate’s stock after purchasing an additional 2,953 shares during the period. EP Wealth Advisors LLC’s holdings in 3M were worth $1,521,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in 3M during the 4th quarter worth approximately $502,585,000. Balyasny Asset Management L.P. grew its position in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares during the period. Los Angeles Capital Management LLC grew its position in 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after purchasing an additional 1,103,459 shares during the period. International Assets Investment Management LLC increased its stake in 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE:MMM traded up $23.77 during midday trading on Friday, reaching $127.16. The company had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. 3M has a 52-week low of $71.12 and a 52-week high of $128.02. The company’s 50 day moving average price is $102.05 and its 200 day moving average price is $98.83. 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 has a market cap of $70.37 billion, a P/E ratio of -10.00, a P/E/G ratio of 1.92 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.27. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 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 $2.17 EPS. As a group, sell-side analysts anticipate 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. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

MMM has been the subject of a number of analyst reports. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $105.00 to $120.00 in a report on Friday, June 7th. Citigroup boosted their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Barclays raised their target price on 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. StockNews.com assumed coverage on 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. Finally, UBS Group raised their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. One research 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’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $112.17.

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.