3M (NYSE:MMM) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. cut its stake in 3M (NYSE:MMM) by 6.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,590 shares of the conglomerate’s stock after selling 3,960 shares during the period. Rockefeller Capital Management L.P.’s holdings in 3M were worth $7,459,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter valued at $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 valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% in the third 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. grew its holdings in 3M by 689.7% during the second 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 during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $131.15 on Wednesday. The stock has a market cap of $71.42 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a 50 day simple moving average of $132.22 and a 200-day simple moving average of $120.81.

3M (NYSE:MMM) last posted its 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. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the company posted $2.68 earnings per share. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, analysts expect that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

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. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MMM shares. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Bank of America raised their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. 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 data from MarketBeat, 3M 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.