Clearbridge Investments LLC Sells 2,363 Shares of 3M (NYSE:MMM)

Clearbridge Investments LLC reduced its position in shares of 3M (NYSE:MMM) by 13.5% during the 1st quarter, HoldingsChannel reports. The firm owned 15,109 shares of the conglomerate’s stock after selling 2,363 shares during the period. Clearbridge Investments LLC’s holdings in 3M were worth $1,603,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Allen Capital Group LLC boosted its stake in shares of 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares in the last quarter. Summit Financial Group Inc. grew its position in 3M by 3.4% during the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after buying an additional 110 shares during the period. Allegheny Financial Group LTD grew its position in shares of 3M by 2.3% during the 4th quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock valued at $550,000 after acquiring an additional 113 shares during the period. Finally, Fortis Capital Advisors LLC increased its position in shares of 3M by 4.1% in the first quarter. Fortis Capital Advisors LLC now owns 2,917 shares of the conglomerate’s stock valued at $309,000 after buying an additional 114 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.4 %

NYSE MMM traded up $0.40 during trading hours on Thursday, hitting $103.65. 266,831 shares of the stock were exchanged, compared to its average volume of 5,191,570. 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 $101.64 and a 200 day moving average of $98.67. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its quarterly earnings data 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. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the business posted $1.97 earnings per share. Sell-side analysts predict that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

MMM has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. UBS Group lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Barclays upped their target price on shares of 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Finally, Citigroup raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $112.17.

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.