2,076 Shares in 3M (NYSE:MMM) Acquired by Flynn Zito Capital Management LLC

Flynn Zito Capital Management LLC purchased a new stake in shares of 3M (NYSE:MMM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,076 shares of the conglomerate’s stock, valued at approximately $227,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after acquiring an additional 317,483 shares during the period. Geode Capital Management LLC lifted its stake in 3M by 5.7% in the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after acquiring an additional 619,370 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in 3M by 7.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after acquiring an additional 758,126 shares during the period. Morgan Stanley lifted its stake in 3M by 8.3% in the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after acquiring an additional 825,223 shares during the period. Finally, Northern Trust Corp lifted its stake in 3M by 0.6% in the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after acquiring an additional 44,714 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM traded up $0.52 during midday trading on Thursday, reaching $91.48. 3,005,374 shares of the stock traded hands, compared to its average volume of 5,887,001. The stock has a market capitalization of $50.62 billion, a PE ratio of -7.22, a P/E/G ratio of 1.61 and a beta of 1.02. The company’s 50 day moving average is $95.81 and its 200 day moving average is $97.26. 3M has a one year low of $71.12 and a one year high of $95.67. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the company earned $2.28 earnings per share. 3M’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.60%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MMM shares. Bank of America lowered their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Barclays dropped their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $104.00.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

3M Company 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.