Whitener Capital Management Inc. Boosts Stock Holdings in 3M (NYSE:MMM)

Whitener Capital Management Inc. increased its holdings in 3M (NYSE:MMM) by 14.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,807 shares of the conglomerate’s stock after buying an additional 1,625 shares during the period. Whitener Capital Management Inc.’s holdings in 3M were worth $1,282,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MMM. Financial Freedom LLC bought a new position in 3M in the 4th quarter valued at $25,000. Financial Management Professionals Inc. boosted its stake in 3M by 1,538.9% during the first quarter. Financial Management Professionals Inc. now owns 295 shares of the conglomerate’s stock valued at $31,000 after buying an additional 277 shares during the period. Aspire Private Capital LLC purchased a new position in 3M during the first quarter worth about $31,676,265,000. Artemis Wealth Advisors LLC raised its holdings in shares of 3M by 1,361.9% in the 1st quarter. Artemis Wealth Advisors LLC now owns 307 shares of the conglomerate’s stock valued at $32,000 after acquiring an additional 286 shares in the last quarter. Finally, 25 LLC purchased a new stake in shares of 3M in the 1st quarter valued at about $33,000. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.9 %

NYSE:MMM traded down $0.86 during midday trading on Tuesday, reaching $100.18. 1,095,203 shares of the stock traded hands, compared to its average volume of 3,609,746. The company has a fifty day moving average of $104.39 and a 200 day moving average of $102.92. 3M has a 12 month low of $92.38 and a 12 month high of $133.91. The company has a current ratio of 1.44, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.44. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same quarter in the previous year, the business earned $2.48 EPS. 3M’s revenue was down 8.1% compared to the same quarter last year. As a group, equities research analysts forecast that 3M will post 8.95 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Monday, August 21st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 5.99%. The ex-dividend date was Friday, August 18th. 3M’s dividend payout ratio (DPR) is currently -211.27%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MMM shares. Barclays upped their price objective on shares of 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. Morgan Stanley raised shares of 3M from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $102.00 to $113.00 in a report on Thursday, August 31st. Mizuho reissued a “neutral” rating and issued a $120.00 target price on shares of 3M in a research note on Tuesday, August 29th. Royal Bank of Canada lifted their price target on 3M from $95.00 to $100.00 in a research note on Wednesday, July 26th. Finally, Wells Fargo & Company reduced their price objective on 3M from $110.00 to $100.00 in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $113.08.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.