3M (NYSE:MMM) Shares Sold by Longfellow Investment Management Co. LLC

Longfellow Investment Management Co. LLC lessened its stake in shares of 3M (NYSE:MMM) by 56.3% during the third quarter, HoldingsChannel reports. The firm owned 3,399 shares of the conglomerate’s stock after selling 4,386 shares during the period. Longfellow Investment Management Co. LLC’s holdings in 3M were worth $465,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MMM. Whetstone Capital Advisors LLC bought a new stake in 3M during the third quarter valued at $222,000. Canton Hathaway LLC lifted its holdings in 3M by 85.1% in the third quarter. Canton Hathaway LLC now owns 2,175 shares of the conglomerate’s stock worth $297,000 after purchasing an additional 1,000 shares during the period. Truvestments Capital LLC boosted its holdings in shares of 3M by 1.8% in the third quarter. Truvestments Capital LLC now owns 26,810 shares of the conglomerate’s stock valued at $3,665,000 after acquiring an additional 462 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in shares of 3M by 4.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 23,663 shares of the conglomerate’s stock valued at $3,235,000 after purchasing an additional 1,050 shares during the period. Finally, DRW Securities LLC acquired a new position in shares of 3M in the 3rd quarter worth approximately $569,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Citigroup boosted 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. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Finally, Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Performance

Shares of MMM stock opened at $129.09 on Monday. The stock has a 50-day moving average of $132.56 and a 200-day moving average of $119.28. 3M has a one year low of $75.40 and a one year high of $141.34. The stock has a market cap of $70.30 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.12 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 issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.68 earnings per share. As a group, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

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.