Cohen Klingenstein LLC Trims Stock Holdings in 3M (NYSE:MMM)

Cohen Klingenstein LLC lowered its holdings in shares of 3M (NYSE:MMM) by 9.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 33,149 shares of the conglomerate’s stock after selling 3,300 shares during the quarter. Cohen Klingenstein LLC’s holdings in 3M were worth $4,279,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. FMR LLC boosted its holdings in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC lifted its position in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. Electron Capital Partners LLC bought a new position in shares of 3M during the second quarter valued at approximately $76,732,000. Jennison Associates LLC bought a new position in 3M in the third quarter worth approximately $82,208,000. Finally, Parsifal Capital Management LP boosted its position in 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE:MMM opened at $141.02 on Friday. The company has a market cap of $76.80 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.01 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.66. The company’s 50-day moving average price is $131.11 and its 200-day moving average price is $127.28. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping 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 business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company posted $2.68 EPS. The business’s revenue was down 24.3% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Ratings Changes

Several research firms recently commented on MMM. JPMorgan Chase & Co. reduced their price objective on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Barclays decreased their price target on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, 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 report on Tuesday, October 22nd. 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. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $144.13.

3M Company 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.