Arete Wealth Advisors LLC Sells 2,840 Shares of 3M (NYSE:MMM)

Arete Wealth Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 22.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,743 shares of the conglomerate’s stock after selling 2,840 shares during the quarter. Arete Wealth Advisors LLC’s holdings in 3M were worth $1,326,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC grew its holdings in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC bought a new position in shares of 3M in the second quarter valued at approximately $76,732,000. Jennison Associates LLC acquired a new stake in shares of 3M in the third quarter worth $82,208,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 0.0 %

Shares of MMM stock opened at $129.78 on Thursday. The company has a market capitalization of $70.67 billion, a P/E ratio of 16.39, a P/E/G ratio of 2.18 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a 50-day moving average price of $131.64 and a 200 day moving average price of $121.86.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the business 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 firm also recently declared 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. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio is 35.35%.

Analyst Ratings Changes

MMM has been the subject 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 target price for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Barclays increased their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $144.87.

3M 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.