Holocene Advisors LP Reduces Stake in 3M (NYSE:MMM)

Holocene Advisors LP trimmed its position in shares of 3M (NYSE:MMM) by 35.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,712,605 shares of the conglomerate’s stock after selling 941,028 shares during the quarter. 3M makes up 0.9% of Holocene Advisors LP’s portfolio, making the stock its 24th biggest holding. Holocene Advisors LP’s holdings in 3M were worth $234,113,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter worth about $27,000. MFA Wealth Advisors LLC purchased a new position in 3M during the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC raised its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted 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 valued at $31,000 after purchasing an additional 269 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock opened at $133.54 on Monday. 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 $72.72 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a 50 day moving average price of $132.39 and a 200 day moving average price of $120.43.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.68 EPS. Sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio (DPR) is 35.35%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent research reports. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Mizuho increased their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada boosted their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average 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.