Charles Schwab Investment Management Inc. Sells 29,570 Shares of 3M (NYSE:MMM)

Charles Schwab Investment Management Inc. cut its stake in 3M (NYSE:MMM) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,559,817 shares of the conglomerate’s stock after selling 29,570 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in 3M were worth $486,627,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MFA Wealth Advisors LLC bought a new stake in shares of 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in shares of 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 last quarter. Meeder Asset Management Inc. lifted its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in 3M during the second quarter valued at approximately $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Down 0.4 %

MMM stock opened at $127.32 on Friday. The firm has a market cap of $69.33 billion, a P/E ratio of 16.08, a PEG ratio of 2.12 and a beta of 0.95. 3M has a 52-week low of $75.40 and a 52-week 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 company’s 50-day simple moving average is $132.66 and its 200-day simple moving average is $118.73.

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

3M Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. 3M’s payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Bank of America lifted their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two 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 data from MarketBeat, the company presently has a consensus 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.