HM Payson & Co. Has $2.45 Million Position in 3M (NYSE:MMM)

HM Payson & Co. lowered its stake in shares of 3M (NYSE:MMM) by 13.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,131 shares of the conglomerate’s stock after selling 3,475 shares during the quarter. HM Payson & Co.’s holdings in 3M were worth $2,454,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new stake in 3M during the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted 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 in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new stake in shares of 3M in the 4th quarter valued at $35,000. Finally, Godsey & Gibb Inc. acquired a new stake in shares of 3M in the 1st quarter valued at $42,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 1.0 %

NYSE:MMM traded down $1.23 during trading hours on Friday, hitting $125.24. 4,021,383 shares of the company were exchanged, compared to its average volume of 5,628,400. The stock has a market capitalization of $68.80 billion, a price-to-earnings ratio of -9.85, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a one year low of $71.12 and a one year high of $128.65. The company has a fifty day simple moving average of $104.49 and a 200 day simple moving average of $99.39.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company earned $2.17 EPS. Sell-side analysts expect that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

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

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Citigroup raised their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. HSBC raised 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $91.13 to $115.00 in a report on Friday, May 10th. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $123.57.

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.