Cutler Investment Counsel LLC Buys Shares of 1,940 3M (NYSE:MMM)

Cutler Investment Counsel LLC bought a new stake in 3M (NYSE:MMM) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,940 shares of the conglomerate’s stock, valued at approximately $212,000.

Several other institutional investors also recently bought and sold shares of the company. Davidson Trust Co. boosted its stake in 3M by 7.1% in the fourth quarter. Davidson Trust Co. now owns 2,361 shares of the conglomerate’s stock valued at $258,000 after acquiring an additional 157 shares in the last quarter. HTLF Bank purchased a new position in shares of 3M in the fourth quarter worth $1,419,000. Xponance Inc. raised its holdings in shares of 3M by 4.5% in the fourth quarter. Xponance Inc. now owns 72,770 shares of the conglomerate’s stock worth $7,955,000 after buying an additional 3,132 shares during the last quarter. Flynn Zito Capital Management LLC purchased a new position in shares of 3M in the fourth quarter worth $227,000. Finally, AIA Group Ltd purchased a new position in shares of 3M in the fourth quarter worth $246,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, 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 can be accessed through this link. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Citigroup raised their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Royal Bank of Canada decreased their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.00.

3M Trading Up 1.0 %

MMM opened at $92.35 on Friday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company has a fifty day moving average of $95.76 and a two-hundred day moving average of $97.24.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company earned $2.28 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.54%. 3M’s payout ratio is presently -47.82%.

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.