Jackson Square Capital LLC Sells 176 Shares of 3M (NYSE:MMM)

Jackson Square Capital LLC lessened its position in 3M (NYSE:MMM) by 2.9% in the fourth quarter, HoldingsChannel reports. The firm owned 5,938 shares of the conglomerate’s stock after selling 176 shares during the quarter. Jackson Square Capital LLC’s holdings in 3M were worth $767,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. FSA Wealth Management LLC purchased a new position in 3M during the third quarter valued at $27,000. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares in the last quarter. True Wealth Design LLC raised its position in 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. ORG Partners LLC raised its position in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in shares of 3M during the third quarter valued at approximately $57,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $141.02 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.66. 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 firm has a market capitalization of $76.80 billion, a P/E ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The stock has a 50-day simple moving average of $131.24 and a two-hundred day simple moving average of $127.56.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the firm earned $2.68 EPS. The company’s quarterly revenue was down 24.3% on a year-over-year basis. On average, equities analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

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

Analysts Set New Price Targets

MMM has been the topic of a number of analyst reports. Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.13.

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.