Cadence Bank Lowers Stock Position in 3M (NYSE:MMM)

Cadence Bank cut its stake in shares of 3M (NYSE:MMM) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,732 shares of the conglomerate’s stock after selling 166 shares during the quarter. Cadence Bank’s holdings in 3M were worth $373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Transamerica Financial Advisors Inc. lifted its holdings in shares of 3M by 35.7% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 2,400 shares of the conglomerate’s stock worth $329,000 after acquiring an additional 632 shares during the last quarter. Shum Financial Group Inc. purchased a new stake in 3M during the third quarter valued at about $271,000. Avestar Capital LLC lifted its stake in 3M by 10.0% during the third quarter. Avestar Capital LLC now owns 2,787 shares of the conglomerate’s stock worth $381,000 after purchasing an additional 254 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of 3M in the 3rd quarter worth about $61,000. Finally, D.A. Davidson & CO. raised its holdings in shares of 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.4 %

MMM stock opened at $132.46 on Thursday. The company has a market capitalization of $72.13 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business’s 50 day moving average price is $132.45 and its two-hundred day moving average price is $119.84. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.68 earnings per share. As a group, analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 annualized dividend and a dividend yield of 2.11%. 3M’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Finally, Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Two equities research 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.