Cassaday & Co Wealth Management LLC Has $657,000 Holdings in 3M (NYSE:MMM)

Cassaday & Co Wealth Management LLC lessened its position in shares of 3M (NYSE:MMM) by 3.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,807 shares of the conglomerate’s stock after selling 172 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in 3M were worth $657,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Ballentine Partners LLC grew its position in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC increased its holdings in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after buying an additional 13,473 shares during the period. Ausdal Financial Partners Inc. lifted its holdings in shares of 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after acquiring an additional 249 shares during the period. Candriam S.C.A. lifted its stake in 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new position in shares of 3M in the second quarter worth about $512,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.3 %

Shares of 3M stock opened at $130.17 on Tuesday. The company has a market capitalization of $70.89 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The stock has a fifty day simple moving average of $132.84 and a 200 day simple moving average of $118.39. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its earnings results 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 net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 EPS. The business’s revenue was down 24.3% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. 3M’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MMM. Royal Bank of Canada upped their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Citigroup lifted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $144.87.

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.