Kovack Advisors Inc. Acquires 2,432 Shares of 3M (NYSE:MMM)

Kovack Advisors Inc. boosted its holdings in 3M (NYSE:MMM) by 10.1% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 26,591 shares of the conglomerate’s stock after purchasing an additional 2,432 shares during the period. Kovack Advisors Inc.’s holdings in 3M were worth $2,821,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Jade Capital Advisors LLC bought a new position in 3M during the fourth quarter worth $4,373,000. MWA Asset Management acquired a new position in shares of 3M during the fourth quarter valued at about $1,723,000. Scarborough Advisors LLC bought a new stake in shares of 3M in the fourth quarter valued at about $978,000. Diversified Trust Co increased its stake in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after acquiring an additional 263 shares during the period. Finally, KMG Fiduciary Partners LLC raised its holdings in 3M by 2.2% in the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

NYSE:MMM remained flat at $101.62 during mid-day trading on Thursday. 1,230,776 shares of the company’s stock were exchanged, compared to its average volume of 3,665,243. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock has a market capitalization of $56.23 billion, a PE ratio of -7.99, a PEG ratio of 1.89 and a beta of 0.95. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The firm’s 50 day moving average is $99.56 and its two-hundred day moving average is $99.14.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the previous year, the company earned $1.97 EPS. On average, equities research analysts anticipate that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s payout ratio is presently -22.01%.

Analyst Ratings Changes

MMM has been the topic of a number of research reports. JPMorgan Chase & Co. upgraded 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 research report on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. UBS Group increased their price target 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. HSBC raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and a consensus target price of $111.58.

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.