Royal Capital Wealth Management LLC Sells 369 Shares of 3M (NYSE:MMM)

Royal Capital Wealth Management LLC lessened its position in 3M (NYSE:MMM) by 14.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,243 shares of the conglomerate’s stock after selling 369 shares during the period. Royal Capital Wealth Management LLC’s holdings in 3M were worth $307,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter worth about $27,000. McClarren Financial Advisors Inc. lifted its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. MFA Wealth Advisors LLC purchased a new stake in 3M in the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of 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 acquiring an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Two investment 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. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

Shares of NYSE:MMM opened at $133.53 on Friday. The business has a fifty day moving average price of $132.39 and a 200-day moving average price of $120.30. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market capitalization of $72.72 billion, a PE ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34.

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

3M Announces Dividend

The firm 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 $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.