Massachusetts Wealth Management Has $1.13 Million Stock Holdings in 3M (NYSE:MMM)

Massachusetts Wealth Management lifted its holdings in shares of 3M (NYSE:MMM) by 21.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 10,689 shares of the conglomerate’s stock after buying an additional 1,860 shares during the period. Massachusetts Wealth Management’s holdings in 3M were worth $1,134,000 as of its most recent SEC filing.

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

3M Price Performance

Shares of MMM remained flat at $101.62 during mid-day trading on Thursday. 1,230,776 shares of the stock traded hands, compared to its average volume of 3,665,243. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The stock has a 50 day moving average of $99.56 and a 200-day moving average of $99.14. The stock has a market capitalization of $56.23 billion, a price-to-earnings ratio of -7.99, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

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

3M Cuts Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on MMM. Barclays upped their target price on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Royal Bank of Canada upped their target price on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $105.00 to $120.00 in a report on Friday, June 7th. Citigroup increased their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has an average rating of “Hold” and an average 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.