Logan Capital Management Inc. Has $570,000 Stock Holdings in 3M (NYSE:MMM)

Logan Capital Management Inc. raised its stake in shares of 3M (NYSE:MMMFree Report) by 23.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,210 shares of the conglomerate’s stock after buying an additional 1,000 shares during the period. Logan Capital Management Inc.’s holdings in 3M were worth $570,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. CGC Financial Services LLC grew its position in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares in the last quarter. Cape Investment Advisory Inc. increased its position in 3M by 42.8% during the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock worth $42,000 after buying an additional 116 shares during the last quarter. VisionPoint Advisory Group LLC raised its holdings in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of 3M in the fourth quarter worth about $63,000. Finally, Security National Bank bought a new stake in shares of 3M during the 4th quarter worth about $67,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of 3M stock opened at $100.63 on Tuesday. The company’s fifty day moving average price is $96.50 and its two-hundred day moving average price is $99.15. 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:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during 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 prior year, the business posted $1.97 earnings per share. Analysts anticipate that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

MMM has been the topic of a number of recent analyst reports. StockNews.com began coverage on shares of 3M in a research report on Thursday, June 6th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their target price for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Vertical Research raised 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Citigroup upped 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, UBS Group raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $110.36.

View Our Latest Report on 3M

3M Company Profile

(Free Report)

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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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