Pine Haven Investment Counsel Inc Cuts Stock Holdings in 3M (NYSE:MMM)

Pine Haven Investment Counsel Inc lowered its position in 3M (NYSE:MMM) by 14.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,682 shares of the conglomerate’s stock after selling 445 shares during the period. Pine Haven Investment Counsel Inc’s holdings in 3M were worth $346,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. American Century Companies Inc. grew its position in 3M by 0.8% during the second quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after buying an additional 650 shares during the period. Intech Investment Management LLC raised its holdings in shares of 3M by 17.6% in the 2nd quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock worth $3,552,000 after purchasing an additional 5,205 shares during the period. Canada Pension Plan Investment Board lifted its stake in 3M by 7.5% in the second quarter. Canada Pension Plan Investment Board now owns 489,502 shares of the conglomerate’s stock valued at $50,022,000 after purchasing an additional 34,081 shares during the last quarter. AE Wealth Management LLC grew its holdings in 3M by 6.9% during the second quarter. AE Wealth Management LLC now owns 24,322 shares of the conglomerate’s stock valued at $2,485,000 after purchasing an additional 1,565 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its position in 3M by 1.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 115,605 shares of the conglomerate’s stock worth $11,814,000 after buying an additional 1,949 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

NYSE:MMM opened at $141.02 on Monday. The stock has a market cap of $76.80 billion, a P/E ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business’s 50-day moving average price is $131.24 and its two-hundred day moving average price is $127.74. 3M has a twelve month low of $75.40 and a twelve month high of $141.66.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm posted $2.68 earnings per share. As a group, equities analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. 3M’s dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MMM. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. cut their target price on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a report on Saturday. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $144.13.

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.