GM Advisory Group LLC Sells 4,110 Shares of 3M (NYSE:MMM)

GM Advisory Group LLC cut its stake in 3M (NYSE:MMM) by 68.3% in the third quarter, HoldingsChannel.com reports. The fund owned 1,904 shares of the conglomerate’s stock after selling 4,110 shares during the period. GM Advisory Group LLC’s holdings in 3M were worth $260,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. MFA Wealth Advisors LLC acquired a new stake in 3M in the second quarter worth $28,000. Daymark Wealth Partners LLC raised its stake in 3M by 8.6% during 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. lifted its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its stake in 3M by 689.7% in 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 period. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the second quarter worth about $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 0.9 %

NYSE MMM opened at $128.43 on Friday. The company has a market cap of $69.94 billion, a PE ratio of 16.22, a PEG ratio of 2.11 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a 50 day moving average of $132.56 and a 200-day moving average of $118.95. 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 announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.68 earnings per share. On average, equities research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

MMM has been the subject of several research analyst reports. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Bank of America upped 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. Finally, Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus price target 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.