Webster Bank N. A. Lowers Holdings in 3M (NYSE:MMM)

Webster Bank N. A. trimmed its holdings in 3M (NYSE:MMMFree Report) by 4.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,012 shares of the conglomerate’s stock after selling 250 shares during the quarter. Webster Bank N. A.’s holdings in 3M were worth $532,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Synergies Wealth Advisors Inc. increased its holdings 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 acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of 3M in the first quarter worth about $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M in the fourth quarter worth about $35,000. CGC Financial Services LLC boosted its stake 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 buying an additional 160 shares during the last quarter. Finally, Cape Investment Advisory Inc. grew its holdings in 3M by 42.8% during the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after buying an additional 116 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Barclays lifted their price target on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. StockNews.com began coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Finally, 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 note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus target price of $111.58.

Get Our Latest Stock Report on 3M

3M Stock Performance

MMM stock opened at $102.19 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The firm’s 50-day moving average is $99.23 and its 200 day moving average is $99.26.

3M (NYSE:MMMGet Free Report) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the company posted $1.97 EPS. On average, analysts anticipate that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

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.

See Also

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

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