3M (NYSE:MMM) Holdings Raised by Spring Capital Management LLC

Spring Capital Management LLC grew its stake in shares of 3M (NYSE:MMM) by 12.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,657 shares of the conglomerate’s stock after purchasing an additional 2,594 shares during the period. 3M comprises about 2.0% of Spring Capital Management LLC’s holdings, making the stock its 22nd biggest holding. Spring Capital Management LLC’s holdings in 3M were worth $2,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Cresta Advisors Ltd. raised its position in 3M by 16.7% during the fourth quarter. Cresta Advisors Ltd. now owns 3,500 shares of the conglomerate’s stock valued at $383,000 after buying an additional 500 shares during the period. Waterway Wealth Management LLC acquired a new position in 3M in the 4th quarter worth about $324,000. Alhambra Investment Management LLC acquired a new position in 3M in the 4th quarter worth about $224,000. Abundance Wealth Counselors increased its position in 3M by 16.3% in the 4th quarter. Abundance Wealth Counselors now owns 6,519 shares of the conglomerate’s stock worth $713,000 after purchasing an additional 914 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in 3M by 1.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 20,054 shares of the conglomerate’s stock worth $2,192,000 after purchasing an additional 280 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.34% of the company’s stock.

3M Trading Down 0.2 %

MMM stock opened at $104.38 on Thursday. The business has a fifty day moving average price of $96.89 and a 200 day moving average price of $97.74. 3M has a fifty-two week low of $85.35 and a fifty-two week high of $113.14. The stock has a market capitalization of $57.69 billion, a price-to-earnings ratio of -8.28, a P/E/G ratio of 1.45 and a beta of 1.00. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm posted $2.28 EPS. Analysts expect that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 5.79%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday. StockNews.com started coverage on 3M in a research note on Wednesday. They set a “buy” rating for the company. Finally, Citigroup reduced their price objective on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $107.60.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.