Delta Asset Management LLC TN Decreases Holdings in 3M (NYSE:MMM)

Delta Asset Management LLC TN lowered its stake in 3M (NYSE:MMM) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,322 shares of the conglomerate’s stock after selling 113 shares during the period. Delta Asset Management LLC TN’s holdings in 3M were worth $145,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of 3M by 15.4% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after acquiring an additional 14,775 shares during the period. Shoker Investment Counsel Inc. grew its position in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after buying an additional 5,561 shares during the period. MWA Asset Management acquired a new stake in 3M during the fourth quarter valued at $1,723,000. Diversified Trust Co grew its position in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after buying an additional 263 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in 3M during the third quarter valued at $11,908,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock traded down $1.65 during trading hours on Wednesday, reaching $101.49. 3,790,610 shares of the stock were exchanged, compared to its average volume of 5,714,895. The stock has a market cap of $56.16 billion, a P/E ratio of -7.98, a P/E/G ratio of 1.94 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a 52-week low of $71.12 and a 52-week high of $106.04. The firm’s 50 day moving average is $97.92 and its 200 day moving average is $98.64.

3M (NYSE:MMM) last announced 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. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the prior year, the firm earned $1.97 EPS. Analysts predict that 3M will post 7.23 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.76%. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MMM. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. StockNews.com began coverage on shares of 3M in a report on Tuesday. They issued a “buy” rating for the company. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company reduced their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $107.55.

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.