Oppenheimer Asset Management Inc. Cuts Stock Position in 3M (NYSE:MMM)

Oppenheimer Asset Management Inc. lowered its stake in 3M (NYSE:MMM - Free Report) by 97.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,348 shares of the conglomerate's stock after selling 107,159 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in 3M were worth $321,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MMM. Simmons Bank acquired a new stake in 3M in the third quarter valued at approximately $263,000. Empower Advisory Group LLC boosted its holdings in shares of 3M by 12.6% during the 3rd quarter. Empower Advisory Group LLC now owns 9,806 shares of the conglomerate's stock valued at $1,340,000 after acquiring an additional 1,099 shares in the last quarter. Aptus Capital Advisors LLC grew its position in 3M by 13.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,866 shares of the conglomerate's stock worth $802,000 after acquiring an additional 706 shares during the last quarter. First Heartland Consultants Inc. acquired a new position in 3M in the 3rd quarter worth about $243,000. Finally, Hemenway Trust Co LLC bought a new position in 3M in the third quarter valued at about $220,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MMM shares. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Barclays raised their target price on 3M from $160.00 to $165.00 and gave the stock an "overweight" 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 stock. According to data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $144.87.

3M Stock Down 0.3 %

Shares of NYSE:MMM opened at $127.83 on Thursday. The company has a market cap of $69.61 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 2.12 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The firm has a fifty day moving average price of $132.75 and a two-hundred day moving average price of $118.67. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the previous year, the business earned $2.68 earnings per share. The firm's revenue was down 24.3% on a year-over-year basis. Analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio is currently 35.35%.

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.