Lmcg Investments LLC Has $290,000 Stake in 3M (NYSE:MMM)

Lmcg Investments LLC lowered its stake in shares of 3M (NYSE:MMM) by 7.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,246 shares of the conglomerate’s stock after selling 191 shares during the period. Lmcg Investments LLC’s holdings in 3M were worth $290,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. American Century Companies Inc. lifted its position in shares of 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock worth $8,396,000 after acquiring an additional 650 shares during the period. Sei Investments Co. raised its stake in shares of 3M by 6.7% in the second quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock valued at $16,874,000 after purchasing an additional 10,309 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in 3M in the second quarter worth $387,000. Gabelli Funds LLC lifted its position in 3M by 14.6% in the second quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock worth $261,000 after purchasing an additional 325 shares during the period. Finally, Public Sector Pension Investment Board boosted its stake in 3M by 75.0% during the second quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after buying an additional 9,160 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $146.86 on Wednesday. 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 $131.40 and a 200 day simple moving average of $128.20. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $150.00. The firm has a market cap of $79.98 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.30 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same period last year, the firm earned $2.42 EPS. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. Sell-side analysts predict that 3M will post 7.28 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.91%. 3M’s payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MMM shares. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of 3M in a research note on Saturday. Melius Research upgraded 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. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, 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 report on Wednesday, October 23rd. Two equities research 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’s stock. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and an average price target of $144.13.

3M Company 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.