Heritage Investors Management Corp Cuts Stock Position in 3M (NYSE:MMM)

Heritage Investors Management Corp lessened its stake in 3M (NYSE:MMM) by 5.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,454 shares of the conglomerate’s stock after selling 1,510 shares during the period. Heritage Investors Management Corp’s holdings in 3M were worth $3,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. MFA Wealth Advisors LLC purchased a new position in 3M in the second quarter valued at about $28,000. Daymark Wealth Partners LLC grew its stake in shares of 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. grew its stake in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of 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 last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M during the second quarter worth about $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.5 %

Shares of NYSE:MMM opened at $126.53 on Wednesday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market capitalization of $68.90 billion, a PE ratio of 15.98, a PEG ratio of 2.05 and a beta of 0.95. The business has a 50 day moving average of $132.78 and a two-hundred day moving average of $115.97. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 EPS. As a group, analysts forecast that 3M will post 7.28 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MMM shares. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Mizuho boosted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.27.

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.