Fulton Bank N.A. Decreases Stake in 3M (NYSE:MMM)

Fulton Bank N.A. cut its holdings in 3M (NYSE:MMM) by 14.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,258 shares of the conglomerate’s stock after selling 1,072 shares during the quarter. Fulton Bank N.A.’s holdings in 3M were worth $664,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MMM. Livelsberger Financial Advisory acquired a new position in 3M during the fourth quarter worth $35,000. CGC Financial Services LLC raised its holdings in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares during the last quarter. Cape Investment Advisory Inc. raised its holdings in 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 purchasing an additional 116 shares during the last quarter. VisionPoint Advisory Group LLC raised its holdings in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 215 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC acquired a new position in 3M during the fourth quarter worth $63,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Up 0.9 %

Shares of NYSE:MMM traded up $0.91 during midday trading on Thursday, reaching $101.68. The company’s stock had a trading volume of 3,476,642 shares, compared to its average volume of 5,564,697. The firm has a market cap of $56.27 billion, a price-to-earnings ratio of -7.99, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a 1 year low of $71.12 and a 1 year high of $106.04. The business has a 50 day moving average price of $97.91 and a 200 day moving average price of $99.30.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the previous year, the business earned $1.97 earnings per share. Research analysts forecast that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The business also recently announced 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 2.75%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MMM shares. Barclays boosted their price target on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Royal Bank of Canada boosted their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Finally, Citigroup boosted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $111.58.

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.