Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in 3M (NYSE:MMM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 3M (NYSE:MMM) by 3.0% during the 4th quarter, Holdings Channel reports. The firm owned 376,492 shares of the conglomerate’s stock after buying an additional 11,107 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 3M were worth $41,158,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MMM. Fragasso Group Inc. raised its holdings in shares of 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after buying an additional 93 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of 3M by 1.2% during the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock worth $1,182,000 after purchasing an additional 98 shares during the last quarter. McIlrath & Eck LLC raised its holdings in shares of 3M by 13.3% during the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 98 shares during the last quarter. Vestcor Inc raised its holdings in shares of 3M by 0.8% during the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock worth $1,575,000 after purchasing an additional 102 shares during the last quarter. Finally, Bangor Savings Bank raised its holdings in shares of 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after purchasing an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MMM shares. Bank of America reduced their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company cut their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada cut their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Finally, Citigroup lifted their price objective on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $103.50.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.38% of the company’s stock.

3M Stock Down 0.3 %

Shares of NYSE MMM opened at $91.05 on Wednesday. The company’s 50-day simple moving average is $95.87 and its 200-day simple moving average is $97.31. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The firm has a market cap of $50.38 billion, a price-to-earnings ratio of -7.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the business earned $2.28 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts predict that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.63%. 3M’s dividend payout ratio (DPR) is -47.82%.

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.