FARMERS & MERCHANTS TRUST Co OF LONG BEACH Has $1.39 Million Stake in 3M (NYSE:MMM)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH trimmed its position in shares of 3M (NYSE:MMM) by 10.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,055 shares of the conglomerate’s stock after selling 1,511 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in 3M were worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new stake in shares of 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in 3M by 419.1% in the first 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 in the last quarter. Northwest Investment Counselors LLC acquired a new position in 3M in the first quarter valued at about $32,000. Livelsberger Financial Advisory acquired a new position in 3M in the fourth quarter valued at about $35,000. Finally, CGC Financial Services LLC raised its stake in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Vertical Research raised 3M from a “hold” rating to a “buy” rating and boosted their price target for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Citigroup boosted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada boosted their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. UBS Group boosted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Bank of America raised 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock 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 issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Trading Up 0.5 %

Shares of 3M stock traded up $0.55 on Tuesday, hitting $101.16. The stock had a trading volume of 598,303 shares, compared to its average volume of 5,466,740. The stock has a 50 day moving average of $99.23 and a 200 day moving average of $99.22. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. 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 firm has a market capitalization of $55.98 billion, a P/E ratio of -8.00, a PEG ratio of 1.90 and a beta of 0.95.

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, beating 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 company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the prior year, the firm posted $1.97 earnings per share. Sell-side analysts expect that 3M will post 7.17 earnings per share for the current fiscal 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

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.