DMKC Advisory Services LLC reduced its stake in shares of 3M Company (NYSE:MMM – Free Report) by 15.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 32,865 shares of the conglomerate’s stock after selling 5,836 shares during the quarter. 3M comprises 1.3% of DMKC Advisory Services LLC’s investment portfolio, making the stock its 19th biggest position. DMKC Advisory Services LLC’s holdings in 3M were worth $5,395,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Security National Bank of SO Dak acquired a new stake in shares of 3M in the second quarter valued at approximately $32,000. DecisionPoint Financial LLC lifted its position in 3M by 2,387.5% during the third quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock worth $32,000 after buying an additional 191 shares in the last quarter. Trellis Wealth Advisors LLC acquired a new position in 3M during the third quarter worth $33,000. Latitude Advisors LLC acquired a new position in 3M during the third quarter worth $34,000. Finally, Compass Financial Management LLC acquired a new position in 3M during the second quarter worth $38,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have issued reports on the company. Wells Fargo & Company started coverage on 3M in a report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 target price for the company. Sanford C. Bernstein lifted their price target on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Argus started coverage on shares of 3M in a research report on Wednesday, November 4th. They set a “strong-buy” rating on the stock. JPMorgan Chase & Co. boosted their price target on shares of 3M from $191.00 to $210.00 and gave the company an “overweight” rating in a research report on Wednesday, November 4th. Finally, Weiss Ratings raised shares of 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus price target of $190.07.
Read Our Latest Research Report on MMM
3M Stock Up 1.9%
Shares of NYSE MMM opened at $188.60 on Tuesday. The company has a market capitalization of $97.45 billion, a P/E ratio of 28.11, a P/E/G ratio of 2.53 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06. The company has a 50 day simple moving average of $169.25 and a 200-day simple moving average of $161.96. 3M Company has a 1 year low of $139.34 and a 1 year high of $196.90.
3M (NYSE:MMM – Get Free Report) last released its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the prior year, the firm posted $2.19 earnings per share. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. On average, equities research analysts predict that 3M Company will post 9.14 earnings per share for the current year.
3M Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.78 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.7%. 3M’s payout ratio is currently 46.50%.
3M declared that its Board of Directors has approved a stock buyback plan on Wednesday, November 4th that allows the company to buy back $6 billion in outstanding shares. This repurchase authorization allows the conglomerate to buy up to 6.6% of its stock through open market purchases. Share repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
3M Company Profile
3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.
Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.
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