SRS Capital Advisors Inc. Reduces Stock Position in 3M (NYSE:MMM)

SRS Capital Advisors Inc. lowered its position in shares of 3M (NYSE:MMM) by 53.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 284 shares of the conglomerate’s stock after selling 330 shares during the quarter. SRS Capital Advisors Inc.’s holdings in 3M were worth $31,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after acquiring an additional 317,483 shares during the last quarter. Invesco Ltd. lifted its position in 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after buying an additional 94,864 shares in the last quarter. Nuance Investments LLC grew its stake in 3M by 10.1% during the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock worth $380,337,000 after buying an additional 371,935 shares during the period. Pacer Advisors Inc. raised its stake in shares of 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock valued at $275,630,000 after acquiring an additional 506,654 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was 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 of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. UBS Group boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Royal Bank of Canada boosted their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Barclays dropped their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus target price of $103.70.

3M Trading Up 0.4 %

MMM stock opened at $97.15 on Monday. The firm’s 50-day simple moving average is $96.14 and its 200 day simple moving average is $97.71. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the company posted $1.97 earnings per share. Analysts predict that 3M will post 7.23 EPS for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.48%.

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.