3M (NYSE:MMM) Shares Bought by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. grew its holdings in shares of 3M (NYSE:MMM) by 4.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,878 shares of the conglomerate’s stock after purchasing an additional 186 shares during the period. Legacy Capital Group California Inc.’s holdings in 3M were worth $533,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Fragasso Group Inc. increased its position in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares during the period. Bangor Savings Bank boosted its stake in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after acquiring an additional 104 shares in the last quarter. Allen Capital Group LLC boosted its stake in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC boosted its stake in shares of 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock worth $272,000 after acquiring an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp boosted its stake in shares of 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock worth $210,000 after acquiring an additional 112 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on MMM shares. Barclays decreased their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. StockNews.com started coverage on 3M in a research note on Monday. They set a “buy” rating on the stock. Mizuho reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company reduced their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. raised 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $107.55.

3M Trading Up 0.7 %

Shares of 3M stock traded up $0.72 during trading hours on Friday, reaching $105.58. 2,211,067 shares of the company’s stock were exchanged, compared to its average volume of 5,730,341. 3M has a 52-week low of $71.12 and a 52-week high of $105.72. The firm has a market capitalization of $58.42 billion, a price-to-earnings ratio of -8.29, a price-to-earnings-growth ratio of 1.87 and a beta of 1.00. The company has a fifty day moving average of $97.38 and a 200-day moving average of $98.27. 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 issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the prior year, the company posted $1.97 EPS. Sell-side analysts forecast that 3M will post 7.23 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, May 23rd. 3M’s dividend payout ratio is presently -47.48%.

3M Company 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.