Mutual Advisors LLC Cuts Stock Position in 3M (NYSE:MMM)

Mutual Advisors LLC lessened its holdings in 3M (NYSE:MMM) by 27.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,689 shares of the conglomerate’s stock after selling 4,032 shares during the quarter. Mutual Advisors LLC’s holdings in 3M were worth $1,488,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MMM. FMR LLC increased its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. International Assets Investment Management LLC increased its stake in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares during the period. Jennison Associates LLC purchased a new stake in 3M during the 3rd quarter worth $82,208,000. Parsifal Capital Management LP increased its stake in 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after buying an additional 526,194 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in 3M during the 2nd quarter worth $34,389,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.0 %

NYSE MMM opened at $149.61 on Friday. 3M has a one year low of $75.40 and a one year high of $152.08. The company has a 50-day simple moving average of $132.43 and a 200-day simple moving average of $128.82. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $81.47 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.42 EPS. On average, equities analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 37.09%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MMM shares. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday, January 18th. Bank of America raised their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Citigroup raised their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

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.