Hennessy Advisors Inc. trimmed its holdings in 3M (NYSE:MMM – Free Report) by 32.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,550 shares of the conglomerate’s stock after selling 19,400 shares during the quarter. Hennessy Advisors Inc.’s holdings in 3M were worth $5,235,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MMM. CVA Family Office LLC lifted its position in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares in the last quarter. Wynn Capital LLC raised its position in 3M by 0.7% in the 4th quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after purchasing an additional 80 shares during the last quarter. Harbour Investments Inc. lifted its holdings in 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after buying an additional 81 shares in the last quarter. KMG Fiduciary Partners LLC boosted its position in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after buying an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. increased its stake in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after buying an additional 84 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently issued reports on MMM. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their target price on shares of 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Wednesday. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Finally, Barclays lowered their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $144.13.
3M Stock Up 1.3 %
Shares of MMM stock opened at $141.02 on Friday. 3M has a 12-month low of $75.40 and a 12-month high of $141.66. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a fifty day moving average of $131.11 and a 200-day moving average of $127.28. The company has a market capitalization of $76.80 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.01 and a beta of 0.95.
3M (NYSE:MMM – Get Free Report) last released its 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 firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. As a group, equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.
3M Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is 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.
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