KCM Investment Advisors LLC Has $3.29 Million Position in 3M (NYSE:MMM)

KCM Investment Advisors LLC reduced its stake in shares of 3M (NYSE:MMM) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 24,052 shares of the conglomerate’s stock after selling 587 shares during the quarter. KCM Investment Advisors LLC’s holdings in 3M were worth $3,288,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Sei Investments Co. increased its stake in shares of 3M by 13.2% in the first quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate’s stock valued at $16,420,000 after buying an additional 18,054 shares in the last quarter. M&G Plc bought a new position in shares of 3M during the 1st quarter valued at about $15,855,000. Poehling Capital Management INC. lifted its holdings in shares of 3M by 6.6% during the 1st quarter. Poehling Capital Management INC. now owns 69,623 shares of the conglomerate’s stock valued at $7,385,000 after purchasing an additional 4,330 shares in the last quarter. Mizuho Markets Americas LLC lifted its stake in 3M by 119.3% in the 1st quarter. Mizuho Markets Americas LLC now owns 110,041 shares of the conglomerate’s stock valued at $11,672,000 after acquiring an additional 59,854 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in 3M by 3.1% in the 1st quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock valued at $3,135,000 after acquiring an additional 875 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on MMM shares. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and boosted their target price for the company from $130.00 to $184.00 in a research note on Wednesday. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

MMM traded down $1.94 during trading on Friday, hitting $130.38. The stock had a trading volume of 392,086 shares, compared to its average volume of 4,837,127. The company has a 50 day moving average price of $132.78 and a 200-day moving average price of $117.60. The firm has a market cap of $71.00 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 2.17 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.