3M (NYSE:MMM) Shares Sold by First Dallas Securities Inc.

First Dallas Securities Inc. lessened its holdings in shares of 3M (NYSE:MMM) by 65.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,544 shares of the conglomerate’s stock after selling 14,033 shares during the period. First Dallas Securities Inc.’s holdings in 3M were worth $800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after purchasing an additional 43,732 shares during the last quarter. Norges Bank acquired a new position in 3M during the fourth quarter worth $502,585,000. Pacer Advisors Inc. raised its holdings in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded down $0.98 on Friday, reaching $102.19. The company’s stock had a trading volume of 6,196,466 shares, compared to its average volume of 4,668,111. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. The company has a market capitalization of $56.55 billion, a P/E ratio of -8.03, a price-to-earnings-growth ratio of 1.94 and a beta of 0.96. The firm has a fifty day moving average of $99.23 and a two-hundred day moving average of $99.28. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The business 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 last year, the company posted $1.97 EPS. As a group, analysts predict that 3M will post 7.09 EPS 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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.74%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. StockNews.com assumed coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. HSBC upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and upped their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, Citigroup boosted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average price target of $111.58.

3M 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.