Beacon Investment Advisory Services Inc. Lowers Stake in 3M (NYSE:MMM)

Beacon Investment Advisory Services Inc. lessened its position in 3M (NYSE:MMM) by 6.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,329 shares of the conglomerate’s stock after selling 163 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in 3M were worth $301,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. FSA Wealth Management LLC purchased a new position in shares of 3M during the 3rd quarter worth $27,000. Daymark Wealth Partners LLC increased its stake in 3M by 8.6% in the third 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 during the last quarter. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. ORG Partners LLC boosted its stake in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $149.64 on Friday. 3M has a twelve month low of $75.40 and a twelve month high of $152.08. The company has a market capitalization of $81.49 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a fifty day simple moving average of $132.09 and a 200-day simple moving average of $128.67.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 97.19% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same period last year, the firm earned $2.42 earnings per share. The company’s revenue was down 25.0% on a year-over-year basis. Equities research analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The firm 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 dividend on an annualized basis and a dividend 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 the stock. Bank of America raised their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.