Cornerstone Wealth Management LLC Raises Stock Holdings in 3M (NYSE:MMM)

Cornerstone Wealth Management LLC boosted its stake in 3M (NYSE:MMM) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,597 shares of the conglomerate’s stock after buying an additional 289 shares during the period. Cornerstone Wealth Management LLC’s holdings in 3M were worth $806,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after acquiring an additional 317,483 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares in the last quarter. Norges Bank acquired a new position in 3M in the 4th quarter valued at about $502,585,000. Pacer Advisors Inc. grew its position in 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its position in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after acquiring an additional 2,010,319 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

MMM stock remained flat at $101.62 on Thursday. The company had a trading volume of 1,230,776 shares, compared to its average volume of 3,665,243. The company has a fifty day moving average of $99.75 and a two-hundred day moving average of $99.16. 3M has a 52-week low of $71.12 and a 52-week high of $106.04. The company has a market cap of $56.23 billion, a price-to-earnings ratio of -7.99, a PEG ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMM) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the company posted $1.97 earnings per share. On average, equities research analysts predict that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is -22.01%.

Analyst Ratings Changes

Several research firms have weighed in on MMM. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Royal Bank of Canada lifted 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. HSBC raised 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Bank of America raised 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Finally, Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $111.58.

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.