WP Advisors LLC Decreases Position in 3M (NYSE:MMM)

WP Advisors LLC trimmed its position in shares of 3M (NYSE:MMM) by 44.0% during the third quarter, Holdings Channel reports. The firm owned 1,598 shares of the conglomerate’s stock after selling 1,258 shares during the quarter. WP Advisors LLC’s holdings in 3M were worth $219,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MMM. CVA Family Office LLC lifted its holdings in shares of 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after purchasing an additional 81 shares during the last quarter. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC lifted its holdings in shares of 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. lifted its holdings 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 purchasing an additional 84 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 1.9 %

Shares of MMM stock opened at $129.79 on Monday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a market cap of $70.68 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The business’s fifty day moving average is $132.80 and its 200-day moving average is $118.15. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business 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 company’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 EPS. Equities analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MMM shares. JPMorgan Chase & Co. raised their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Barclays raised their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Melius Research upgraded 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, Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two 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. According to MarketBeat.com, the company has an average 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.