Greylin Investment Management Inc Boosts Stake in 3M (NYSE:MMM)

Greylin Investment Management Inc raised its position in shares of 3M (NYSE:MMM - Free Report) by 62.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,878 shares of the conglomerate's stock after buying an additional 20,289 shares during the period. 3M comprises about 0.9% of Greylin Investment Management Inc's holdings, making the stock its 21st largest holding. Greylin Investment Management Inc's holdings in 3M were worth $5,609,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Tributary Capital Management LLC acquired a new stake in shares of 3M during the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% in the 1st 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 period. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the first quarter worth $32,000. Briaud Financial Planning Inc acquired a new stake in shares of 3M in the third quarter valued at $35,000. Finally, Livelsberger Financial Advisory purchased a new position in 3M in the fourth quarter valued at $35,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM traded down $1.96 during mid-day trading on Thursday, reaching $99.53. 3,844,637 shares of the company's stock were exchanged, compared to its average volume of 5,696,363. The business's fifty day simple moving average is $97.79 and its 200-day simple moving average is $98.66. The stock has a market capitalization of $55.08 billion, a PE ratio of -7.82, a price-to-earnings-growth ratio of 1.90 and a beta of 1.00. 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.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analysts' expectations 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 business earned $1.97 EPS. On average, equities research analysts expect that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, May 23rd. 3M's dividend payout ratio (DPR) is presently -47.48%.

Analyst Ratings Changes

Several brokerages have recently issued reports on MMM. UBS Group lifted their price objective on 3M from $98.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, May 1st. StockNews.com assumed coverage on shares of 3M in a research report on Tuesday. They issued a "buy" rating on the stock. JPMorgan Chase & Co. raised shares of 3M from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Citigroup lifted their price target on 3M from $98.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 1st. Finally, Royal Bank of Canada increased their price objective on 3M from $78.00 to $87.00 and gave the company an "underperform" rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, 3M currently has a consensus rating of "Hold" and an average target price of $107.55.

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.

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