NavPoint Financial Inc. Sells 445 Shares of 3M (NYSE:MMM)

NavPoint Financial Inc. lessened its holdings in shares of 3M (NYSE:MMM) by 6.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,740 shares of the conglomerate’s stock after selling 445 shares during the quarter. 3M comprises approximately 0.7% of NavPoint Financial Inc.’s portfolio, making the stock its 29th biggest holding. NavPoint Financial Inc.’s holdings in 3M were worth $921,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MMM. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the second quarter valued at $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MMM. Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $139.27.

3M Price Performance

MMM stock opened at $133.07 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a market capitalization of $72.46 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 2.03 and a beta of 0.95. The firm has a 50 day moving average price of $132.83 and a 200-day moving average price of $116.09. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for 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%. 3M’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.68 EPS. Equities research analysts forecast that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced 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. This represents a $2.80 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.