Linscomb Wealth Inc. Trims Position in 3M (NYSE:MMM)

Linscomb Wealth Inc. trimmed its stake in 3M (NYSE:MMM) by 15.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,901 shares of the conglomerate’s stock after selling 360 shares during the period. Linscomb Wealth Inc.’s holdings in 3M were worth $260,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after acquiring an additional 377,703 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares in the last quarter. AQR Capital Management LLC increased its holdings in 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after buying an additional 396,773 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

NYSE:MMM opened at $129.76 on Friday. The company has a 50 day moving average price of $132.80 and a 200-day moving average price of $117.87. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm has a market cap of $70.66 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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. 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 previous year, the company earned $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. Equities research analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

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

Analyst Ratings Changes

MMM has been the subject of several recent research reports. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays increased their price objective 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. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.