Cladis Investment Advisory LLC Sells 1,750 Shares of 3M (NYSE:MMM)

Cladis Investment Advisory LLC lessened its position in 3M (NYSE:MMM) by 44.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,149 shares of the conglomerate’s stock after selling 1,750 shares during the period. Cladis Investment Advisory LLC’s holdings in 3M were worth $294,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MMM. FMR LLC lifted its stake in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC purchased a new position in 3M during the 2nd quarter valued at $76,732,000. Jennison Associates LLC purchased a new position in 3M during the 3rd quarter valued at $82,208,000. Finally, Bank of New York Mellon Corp increased its stake in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM opened at $133.53 on Monday. The firm has a market capitalization of $72.72 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. 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 business’s 50-day moving average is $132.39 and its two-hundred day moving average is $120.43. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings data 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. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. Research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm 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 dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company upped their target price 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. Mizuho lifted their price target 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. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Barclays lifted 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, 3M currently has an average 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.