Blackhawk Capital Partners LLC. Trims Stock Holdings in 3M (NYSE:MMM)

Blackhawk Capital Partners LLC. lowered its stake in shares of 3M (NYSE:MMM) by 1.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 27,703 shares of the conglomerate’s stock after selling 322 shares during the period. 3M comprises about 1.8% of Blackhawk Capital Partners LLC.’s investment portfolio, making the stock its 11th biggest position. Blackhawk Capital Partners LLC.’s holdings in 3M were worth $2,938,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MMM. Jade Capital Advisors LLC acquired a new position in shares of 3M during the 4th quarter worth approximately $4,373,000. MWA Asset Management purchased a new stake in shares of 3M during the fourth quarter worth $1,723,000. Scarborough Advisors LLC acquired a new position in shares of 3M during the fourth quarter worth $978,000. Diversified Trust Co grew its stake in shares of 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its stake in 3M by 2.2% in the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE:MMM traded down $0.30 during midday trading on Friday, reaching $101.32. The stock had a trading volume of 3,059,577 shares, compared to its average volume of 3,445,509. 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 1-year low of $71.12 and a 1-year high of $106.04. The firm’s fifty day simple moving average is $100.15 and its 200-day simple moving average is $99.14. The stock has a market capitalization of $56.07 billion, a P/E ratio of -7.97, a PEG ratio of 1.89 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the firm earned $1.97 EPS. On average, equities research analysts forecast that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.76%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is presently -22.01%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays raised their target price on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. StockNews.com assumed coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $105.00 to $120.00 in a report on Friday, June 7th. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $111.58.

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.