3M (NYSE:MMM) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC trimmed its holdings in 3M (NYSE:MMM) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,737 shares of the conglomerate’s stock after selling 2,281 shares during the period. Fisher Asset Management LLC’s holdings in 3M were worth $1,741,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Virtu Financial LLC acquired a new position in 3M during the first quarter worth approximately $485,000. Atria Investments Inc increased its holdings in shares of 3M by 50.8% during the 1st quarter. Atria Investments Inc now owns 34,961 shares of the conglomerate’s stock worth $3,710,000 after buying an additional 11,779 shares during the last quarter. Cetera Investment Advisers raised its position in shares of 3M by 160.2% in the 1st quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate’s stock worth $17,622,000 after buying an additional 102,284 shares during the period. Cetera Advisors LLC boosted its holdings in 3M by 202.8% in the first quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock valued at $4,944,000 after acquiring an additional 31,221 shares during the last quarter. Finally, DNB Asset Management AS grew its position in 3M by 7.1% during the second quarter. DNB Asset Management AS now owns 138,066 shares of the conglomerate’s stock valued at $14,109,000 after acquiring an additional 9,120 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the topic of several research analyst reports. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Up 0.8 %

NYSE:MMM opened at $133.53 on Friday. 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 stock has a 50-day simple moving average of $132.39 and a 200 day simple moving average of $120.16. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market capitalization of $72.71 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 2.19 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for 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 firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period last year, the business posted $2.68 earnings per share. Sell-side analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s dividend payout ratio (DPR) is 35.35%.

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.