Comerica Bank Lowers Holdings in 3M (NYSE:MMM)

Comerica Bank trimmed its position in shares of 3M (NYSE:MMM - Free Report) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,207 shares of the conglomerate's stock after selling 3,442 shares during the period. Comerica Bank's holdings in 3M were worth $24,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Financial Life Planners acquired a new stake in 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC purchased a new stake in shares of 3M during the fourth quarter worth $26,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the fourth quarter valued at $27,000. Daymark Wealth Partners LLC boosted its holdings in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

MMM traded up $4.17 during trading on Friday, hitting $142.07. 2,729,425 shares of the stock were exchanged, compared to its average volume of 4,049,576. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $95.01 and a 1-year high of $156.35. The stock has a fifty day moving average price of $142.33 and a two-hundred day moving average price of $138.37. The firm has a market capitalization of $76.46 billion, a P/E ratio of 18.82, a PEG ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.06%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 36.87%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MMM. Barclays lifted their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Thursday, April 24th. JPMorgan Chase & Co. decreased their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $147.00.

3M Company 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.