Brendel Financial Advisors LLC Decreases Stock Position in 3M (NYSE:MMM)

Brendel Financial Advisors LLC cut its holdings in 3M (NYSE:MMM) by 9.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,892 shares of the conglomerate’s stock after selling 509 shares during the period. Brendel Financial Advisors LLC’s holdings in 3M were worth $632,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FSA Wealth Management LLC purchased a new position in 3M in the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its stake in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the last quarter. ORG Partners LLC increased its stake in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

Shares of MMM opened at $137.35 on Wednesday. The business’s fifty day moving average price is $130.90 and its 200 day moving average price is $127.12. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The stock has a market capitalization of $74.80 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays dropped their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Royal Bank of Canada dropped their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.33.

3M 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.