Chevy Chase Trust Holdings LLC Cuts Position in 3M (NYSE:MMM)

Chevy Chase Trust Holdings LLC lessened its holdings in 3M (NYSE:MMM) by 4.3% during the first quarter, Holdings Channel.com reports. The firm owned 321,722 shares of the conglomerate’s stock after selling 14,296 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in 3M were worth $34,125,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Tributary Capital Management LLC purchased a new stake in shares of 3M during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the first quarter valued at approximately $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M during the fourth quarter valued at approximately $35,000. Finally, CGC Financial Services LLC lifted its position in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.7 %

Shares of NYSE:MMM traded up $0.71 during trading hours on Wednesday, hitting $100.40. The company’s stock had a trading volume of 2,704,816 shares, compared to its average volume of 5,363,706. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The company has a market capitalization of $55.56 billion, a price-to-earnings ratio of -7.86, a P/E/G ratio of 1.88 and a beta of 0.95. The firm’s fifty day moving average price is $100.39 and its 200 day moving average price is $98.98.

3M (NYSE:MMM) last posted 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 during the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the previous year, the business posted $1.97 EPS. As a group, research analysts expect that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is currently -22.01%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Barclays increased 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. Citigroup increased 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. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One investment 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 data from MarketBeat, 3M currently has an average rating of “Hold” and an average price target of $112.00.

About 3M

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.