Point72 Asia Singapore Pte. Ltd. Cuts Stock Holdings in 3M (NYSE:MMM)

Point72 Asia Singapore Pte. Ltd. lowered its position in 3M (NYSE:MMM - Free Report) by 74.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,900 shares of the conglomerate's stock after selling 19,867 shares during the quarter. Point72 Asia Singapore Pte. Ltd.'s holdings in 3M were worth $943,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FSA Wealth Management LLC bought a new position in shares of 3M in the 3rd quarter worth $27,000. MFA Wealth Advisors LLC purchased a new stake in 3M during the second quarter valued at about $28,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. lifted its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after buying an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

Shares of MMM traded up $0.13 during mid-day trading on Monday, reaching $133.66. The stock had a trading volume of 1,310,311 shares, compared to its average volume of 4,747,034. The firm has a market cap of $72.79 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The business has a fifty day moving average of $132.39 and a 200 day moving average of $120.43. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the firm posted $2.68 EPS. The company's revenue was down 24.3% on a year-over-year basis. Equities analysts predict that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.09%. 3M's dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent research reports. Melius Research upgraded 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report 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. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Finally, Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an "underweight" rating and a $125.00 price objective for the company. 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. Based on data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average target price of $144.87.

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.