Bokf Na Sells 8,316 Shares of 3M (NYSE:MMM)

Bokf Na reduced its position in 3M (NYSE:MMM) by 15.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,047 shares of the conglomerate’s stock after selling 8,316 shares during the quarter. Bokf Na’s holdings in 3M were worth $4,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of 3M during the first quarter worth $32,000. Livelsberger Financial Advisory bought a new position in shares of 3M during the fourth quarter worth $35,000. Finally, Cape Investment Advisory Inc. boosted its position in shares of 3M by 42.8% during the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 116 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 1.5 %

MMM stock traded down $1.95 during trading on Monday, hitting $125.21. The company had a trading volume of 2,268,828 shares, compared to its average volume of 5,392,721. The firm has a market capitalization of $69.29 billion, a P/E ratio of -10.00, a PEG ratio of 2.36 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $128.49. The company has a 50 day simple moving average of $102.05 and a 200-day simple moving average of $98.69. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter last year, the firm posted $2.17 EPS. As a group, research analysts forecast that 3M will post 7.19 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Citigroup increased their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $105.00 to $120.00 in a research note on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.08.

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.