Beacon Capital Management LLC Increases Stake in 3M (NYSE:MMM)

Beacon Capital Management LLC raised its stake in shares of 3M (NYSE:MMM) by 22.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 709 shares of the conglomerate’s stock after buying an additional 130 shares during the quarter. Beacon Capital Management LLC’s holdings in 3M were worth $75,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in 3M by 1.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 20,054 shares of the conglomerate’s stock worth $2,192,000 after purchasing an additional 280 shares during the last quarter. Global Retirement Partners LLC increased its position in 3M by 6.0% during the fourth quarter. Global Retirement Partners LLC now owns 6,274 shares of the conglomerate’s stock valued at $675,000 after acquiring an additional 354 shares during the last quarter. Kowal Investment Group LLC bought a new position in 3M during the fourth quarter valued at $248,000. Covenant Asset Management LLC bought a new position in 3M during the fourth quarter valued at $208,000. Finally, Chicago Capital LLC increased its position in 3M by 14.3% during the fourth quarter. Chicago Capital LLC now owns 4,664 shares of the conglomerate’s stock valued at $510,000 after acquiring an additional 585 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 0.9 %

NYSE:MMM traded down $1.10 during mid-day trading on Thursday, reaching $126.45. The company’s stock had a trading volume of 4,559,258 shares, compared to its average volume of 5,464,594. The firm has a market capitalization of $69.97 billion, a PE ratio of -10.01, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a fifty day moving average of $103.44 and a 200-day moving average of $99.14. 3M has a 1 year low of $71.12 and a 1 year high of $128.65.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the previous year, the company posted $2.17 earnings per share. Equities research analysts forecast that 3M will post 7.21 earnings per share for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Analysts Set New Price Targets

A number of research analysts have weighed in on MMM shares. Citigroup boosted their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday. Barclays boosted their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $150.00 in a research note on Monday. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus 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.