Beacon Pointe Advisors LLC Decreases Stock Position in 3M (NYSE:MMM)

Beacon Pointe Advisors LLC trimmed its position in shares of 3M (NYSE:MMM - Free Report) by 48.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,582 shares of the conglomerate's stock after selling 48,976 shares during the quarter. Beacon Pointe Advisors LLC's holdings in 3M were worth $5,639,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate's stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Los Angeles Capital Management LLC raised its position in 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate's stock valued at $197,377,000 after buying an additional 1,103,459 shares during the last quarter. International Assets Investment Management LLC lifted its stake in 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate's stock valued at $118,168,000 after acquiring an additional 1,068,748 shares in the last quarter. Van ECK Associates Corp boosted its holdings in 3M by 20.8% during the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate's stock worth $275,630,000 after acquiring an additional 506,654 shares during the last quarter. Finally, FMR LLC grew its stake in shares of 3M by 29.8% in the 3rd quarter. FMR LLC now owns 1,908,914 shares of the conglomerate's stock worth $178,713,000 after acquiring an additional 438,424 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

3M stock traded up $0.41 during midday trading on Friday, reaching $105.27. The stock had a trading volume of 5,395,783 shares, compared to its average volume of 5,758,843. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a market capitalization of $58.25 billion, a PE ratio of -8.28, a P/E/G ratio of 1.87 and a beta of 1.00. 3M has a 12 month low of $71.12 and a 12 month high of $105.72. The firm's 50-day moving average price is $97.60 and its 200 day moving average price is $98.37.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to analyst estimates 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 previous year, the firm posted $1.97 earnings per share. As a group, research analysts predict that 3M will post 7.23 earnings per share 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 issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Thursday, May 23rd. 3M's payout ratio is currently -47.48%.

Analyst Ratings Changes

Several research firms recently weighed in on MMM. Bank of America cut their price target on shares of 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a report on Tuesday, April 2nd. Vertical Research upgraded 3M from a "hold" rating to a "buy" rating and boosted their target price for the stock from $92.00 to $140.00 in a research note on Thursday. Royal Bank of Canada increased their price target on 3M from $78.00 to $87.00 and gave the company an "underperform" rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. raised 3M from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Finally, Barclays decreased their target price on 3M from $126.00 to $107.00 and set an "overweight" rating for the company in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus 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.