3M (NYSE:MMM) Shares Sold by Addison Advisors LLC

Addison Advisors LLC cut its holdings in shares of 3M (NYSE:MMM) by 7.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,148 shares of the conglomerate’s stock after selling 180 shares during the quarter. Addison Advisors LLC’s holdings in 3M were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter valued at $28,000. Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the period. Meeder Asset Management Inc. raised its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in 3M in the second quarter valued at approximately $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 1.0 %

Shares of MMM opened at $133.00 on Tuesday. The firm’s fifty day moving average is $132.82 and its two-hundred day moving average is $116.84. The stock has a market cap of $72.43 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.22 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. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 EPS. 3M’s revenue was down 24.3% compared to the same quarter last year. Research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada lifted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $139.27.

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.