Bridgewater Associates LP Sells 4,060 Shares of 3M (NYSE:MMM)

Bridgewater Associates LP cut its holdings in shares of 3M (NYSE:MMM - Free Report) by 61.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,565 shares of the conglomerate's stock after selling 4,060 shares during the quarter. Bridgewater Associates LP's holdings in 3M were worth $351,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. MFA Wealth Advisors LLC bought a new stake in 3M during the second quarter valued at $28,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its holdings in shares of 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 acquiring an additional 121 shares during the period. Meeder Asset Management Inc. lifted its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in 3M during the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MMM shares. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America raised their target price on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Finally, Royal Bank of Canada raised their target price on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $144.87.

3M Stock Down 1.3 %

3M stock traded down $1.74 during mid-day trading on Tuesday, hitting $131.15. 2,244,320 shares of the company's stock were exchanged, compared to its average volume of 2,881,606. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a 50 day moving average of $132.39 and a two-hundred day moving average of $120.43. The stock has a market cap of $71.42 billion, a P/E ratio of 16.56, a P/E/G ratio of 2.20 and a beta of 0.95. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for 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 firm's revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 EPS. As a group, analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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 issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio (DPR) 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.