Fiduciary Trust Co Decreases Stake in 3M (NYSE:MMM)

Fiduciary Trust Co decreased its holdings in 3M (NYSE:MMM) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,921 shares of the conglomerate’s stock after selling 1,659 shares during the quarter. Fiduciary Trust Co’s holdings in 3M were worth $8,465,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MMM. MFA Wealth Advisors LLC acquired a new stake in shares of 3M in the second quarter valued at about $28,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 8.6% during the 3rd 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 during the period. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% during the 3rd 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 holdings in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. Finally, TruNorth Capital Management LLC purchased a new position in 3M in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.4 %

Shares of MMM opened at $132.46 on Thursday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company’s fifty day moving average is $132.45 and its two-hundred day moving average is $119.84. The firm has a market cap of $72.13 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 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, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.68 earnings per share. Analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.11%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

MMM has been the topic of several research reports. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. 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 report on Wednesday, October 23rd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $144.87.

About 3M

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.