Mediolanum International Funds Ltd Takes $8.36 Million Position in 3M (NYSE:MMM)

Mediolanum International Funds Ltd purchased a new stake in 3M (NYSE:MMM) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 79,910 shares of the conglomerate’s stock, valued at approximately $8,358,000.

Other large investors have also added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new position in 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter worth $32,000. Livelsberger Financial Advisory acquired a new position in 3M during the fourth quarter worth $35,000. Finally, CGC Financial Services LLC boosted 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. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock traded up $2.03 on Wednesday, hitting $101.72. The company’s stock had a trading volume of 4,518,381 shares, compared to its average volume of 5,377,542. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock’s 50 day moving average is $100.39 and its 200-day moving average is $98.98. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04. The company has a market capitalization of $56.29 billion, a PE ratio of -7.86, a PEG ratio of 1.88 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate 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 business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the company posted $1.97 earnings per share. Equities research analysts expect that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.75%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MMM shares. Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. UBS Group upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Finally, Barclays upped their price target 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and an average target price of $112.00.

3M 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.