Poehling Capital Management INC. Has $7.39 Million Position in 3M (NYSE:MMM)

Poehling Capital Management INC. grew its stake in 3M (NYSE:MMM) by 6.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,623 shares of the conglomerate’s stock after purchasing an additional 4,330 shares during the period. 3M comprises approximately 2.0% of Poehling Capital Management INC.’s investment portfolio, making the stock its 12th largest position. Poehling Capital Management INC.’s holdings in 3M were worth $7,385,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. M&G Plc acquired a new stake in shares of 3M in the 1st quarter valued at approximately $15,855,000. GM Advisory Group LLC raised its holdings in 3M by 3.4% in the 1st quarter. GM Advisory Group LLC now owns 6,014 shares of the conglomerate’s stock valued at $638,000 after buying an additional 200 shares during the last quarter. Wilkins Investment Counsel Inc. raised its holdings in 3M by 65.8% in the 1st quarter. Wilkins Investment Counsel Inc. now owns 152,868 shares of the conglomerate’s stock valued at $16,215,000 after buying an additional 60,693 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in 3M by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 855,785 shares of the conglomerate’s stock valued at $90,773,000 after buying an additional 118,111 shares during the last quarter. Finally, Fortis Capital Advisors LLC raised its holdings in 3M by 4.1% in the 1st quarter. Fortis Capital Advisors LLC now owns 2,917 shares of the conglomerate’s stock valued at $309,000 after buying an additional 114 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the subject of a number of research reports. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $105.00 to $120.00 in a report on Friday, June 7th. UBS Group raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. One 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $112.17.

3M Trading Down 0.1 %

Shares of NYSE:MMM traded down $0.10 during mid-day trading on Friday, hitting $103.92. The company had a trading volume of 2,884,897 shares, compared to its average volume of 3,465,231. The firm has a fifty day moving average price of $101.40 and a 200 day moving average price of $98.75. The company has a market capitalization of $57.51 billion, a PE ratio of -8.17, a price-to-earnings-growth ratio of 1.93 and a beta of 0.95. 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 has a one year low of $71.12 and a one year high of $106.04.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the business posted $1.97 EPS. As a group, research analysts forecast that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.69%. 3M’s dividend payout ratio is currently -22.01%.

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.