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

Mutual Advisors LLC cut its stake in 3M (NYSE:MMM) by 27.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,689 shares of the conglomerate’s stock after selling 4,032 shares during the period. Mutual Advisors LLC’s holdings in 3M were worth $1,488,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. True North Advisors LLC increased its holdings in 3M by 17.6% in the fourth quarter. True North Advisors LLC now owns 2,457 shares of the conglomerate’s stock valued at $317,000 after buying an additional 367 shares in the last quarter. Daymark Wealth Partners LLC increased its holdings in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after buying an additional 19,552 shares in the last quarter. Advisory Alpha LLC purchased a new position in 3M in the fourth quarter valued at about $215,000. MBM Wealth Consultants LLC grew its position in shares of 3M by 7.1% in the fourth quarter. MBM Wealth Consultants LLC now owns 2,345 shares of the conglomerate’s stock valued at $304,000 after purchasing an additional 156 shares during the last quarter. Finally, Simon Quick Advisors LLC grew its position in shares of 3M by 47.2% in the fourth quarter. Simon Quick Advisors LLC now owns 3,316 shares of the conglomerate’s stock valued at $428,000 after purchasing an additional 1,063 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Down 0.0 %

Shares of MMM opened at $149.61 on Friday. The firm has a market cap 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. The company’s fifty day moving average is $132.43 and its two-hundred day moving average is $128.82. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for 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 for the quarter was down 25.0% on a year-over-year basis. During the same quarter last year, the business earned $2.42 EPS. Analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid 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 dividend payout ratio is presently 37.09%.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Bank of America increased their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average 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.