Hennion & Walsh Asset Management Inc. Lowers Stock Holdings in 3M (NYSE:MMM)

Hennion & Walsh Asset Management Inc. lowered its position in shares of 3M (NYSE:MMM) by 14.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,277 shares of the conglomerate’s stock after selling 2,322 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in 3M were worth $1,843,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. CVA Family Office LLC grew its stake in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after acquiring an additional 79 shares during the period. Wynn Capital LLC boosted its holdings in 3M by 0.7% in the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after purchasing an additional 80 shares during the last quarter. Harbour Investments Inc. raised its stake in 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after buying an additional 81 shares during the last quarter. KMG Fiduciary Partners LLC lifted its holdings in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. boosted its stake in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after buying an additional 84 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on MMM. JPMorgan Chase & Co. reduced their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays cut their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.13.

3M Price Performance

Shares of 3M stock opened at $141.02 on Friday. The company has a market capitalization of $76.80 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock’s 50-day simple moving average is $131.11 and its 200-day simple moving average is $127.28. 3M has a 52 week low of $75.40 and a 52 week high of $141.66.

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

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.99%. 3M’s payout ratio is 35.35%.

3M Company 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.