3M Company $MMM Stock Sold by Lido Advisors LLC

Lido Advisors LLC decreased its stake in shares of 3M Company (NYSE:MMM) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,162 shares of the conglomerate’s stock after selling 3,662 shares during the period. Lido Advisors LLC’s holdings in 3M were worth $6,921,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Amundi increased its position in 3M by 67.0% in the 2nd quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. Ascentis Wealth Management LLC lifted its position in shares of 3M by 22,972.5% during the second quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock worth $56,259,000 after purchasing an additional 345,966 shares in the last quarter. Nippon Life Global Investors Americas Inc. acquired a new position in shares of 3M during the third quarter worth approximately $56,678,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 3M by 7.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock valued at $637,202,000 after purchasing an additional 270,458 shares during the last quarter. Finally, Calamos Advisors LLC grew its stake in shares of 3M by 332.2% during the third quarter. Calamos Advisors LLC now owns 303,723 shares of the conglomerate’s stock valued at $49,856,000 after purchasing an additional 233,451 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $186.40 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. 3M Company has a 1 year low of $139.34 and a 1 year high of $196.90. The company has a market cap of $96.32 billion, a PE ratio of 21.29, a PEG ratio of 2.46 and a beta of 1.01. The company’s 50-day moving average is $170.33 and its two-hundred day moving average is $162.37.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter last year, the firm earned $2.19 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts anticipate that 3M Company will post 9.14 earnings per share for the current year.

3M announced that its board has approved a share repurchase program on Wednesday, November 4th that allows the company to repurchase $6 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 6.6% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s board believes its stock is undervalued.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.7%. 3M’s dividend payout ratio (DPR) is presently 46.50%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $186.00 price target on shares of 3M in a report on Wednesday, October 21st. Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. The Goldman Sachs Group increased their price objective on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. HSBC raised 3M to a “strong-buy” rating in a research note on Thursday, October 22nd. Finally, Sanford C. Bernstein lifted their target price on 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $190.07.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.