Hodges Capital Management Inc. Lowers Holdings in 3M (NYSE:MMM)

Hodges Capital Management Inc. lowered its position in 3M (NYSE:MMM - Free Report) by 88.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,773 shares of the conglomerate's stock after selling 58,905 shares during the period. Hodges Capital Management Inc.'s holdings in 3M were worth $824,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the stock. Fragasso Group Inc. lifted its position in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate's stock valued at $239,000 after acquiring an additional 93 shares during the period. Bangor Savings Bank lifted its position in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate's stock valued at $1,147,000 after acquiring an additional 104 shares during the period. Allen Capital Group LLC lifted its position in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate's stock valued at $2,288,000 after acquiring an additional 105 shares during the period. Summit Financial Group Inc. lifted its position in shares of 3M by 3.4% during the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate's stock valued at $352,000 after acquiring an additional 110 shares during the period. Finally, Allegheny Financial Group LTD lifted its position in shares of 3M by 2.3% during the 4th quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate's stock valued at $550,000 after acquiring an additional 113 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 0.9 %

Shares of NYSE MMM traded down $0.98 during trading on Friday, hitting $102.19. The stock had a trading volume of 6,196,466 shares, compared to its average volume of 4,668,111. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The company has a market capitalization of $56.55 billion, a PE ratio of -8.03, a PEG ratio of 1.92 and a beta of 0.96. The firm has a fifty day moving average of $99.23 and a two-hundred day moving average of $99.22.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the firm earned $1.97 EPS. As a group, equities research analysts forecast that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M's dividend payout ratio (DPR) is currently -22.01%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MMM shares. Bank of America upgraded shares of 3M from a "neutral" rating to a "buy" rating and boosted their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Citigroup boosted their price target on shares of 3M from $98.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, May 1st. StockNews.com started coverage on shares of 3M in a research note on Thursday, June 6th. They set a "buy" rating for the company. Vertical Research upgraded shares of 3M from a "hold" rating to a "buy" rating and boosted their price target for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Barclays boosted their price target on shares of 3M from $112.00 to $118.00 and gave the company an "overweight" rating in a research note on Tuesday, May 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $111.58.

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.