Alhambra Investment Management LLC Has $590,000 Stock Position in 3M (NYSE:MMM)

Alhambra Investment Management LLC lessened its holdings in 3M (NYSE:MMM) by 27.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,571 shares of the conglomerate’s stock after selling 1,704 shares during the period. Alhambra Investment Management LLC’s holdings in 3M were worth $590,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its stake in shares of 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after acquiring an additional 650 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of 3M by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of 3M by 40.2% during the 2nd quarter. Axxcess Wealth Management LLC now owns 8,866 shares of the conglomerate’s stock worth $906,000 after buying an additional 2,542 shares during the period. Wealth Alliance boosted its holdings in shares of 3M by 18.2% during the 2nd quarter. Wealth Alliance now owns 2,600 shares of the conglomerate’s stock worth $266,000 after buying an additional 401 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in 3M by 29.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 69,283 shares of the conglomerate’s stock worth $7,080,000 after acquiring an additional 15,939 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MMM has been the subject of a number of recent analyst reports. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

3M Stock Up 1.3 %

NYSE MMM opened at $141.02 on Friday. 3M has a 1-year low of $75.40 and a 1-year high of $141.66. The company has a market capitalization of $76.80 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The stock’s 50 day moving average is $131.11 and its two-hundred day moving average is $127.28. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the company posted $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 35.35%.

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.