Chevy Chase Trust Holdings LLC Decreases Stock Holdings in 3M (NYSE:MMM)

Chevy Chase Trust Holdings LLC cut its holdings in 3M (NYSE:MMM - Free Report) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 306,267 shares of the conglomerate's stock after selling 10,124 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.06% of 3M worth $41,867,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MMM. D.A. Davidson & CO. increased its stake in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate's stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Ballentine Partners LLC increased its stake in shares of 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock worth $2,490,000 after buying an additional 5,210 shares during the period. Stonegate Investment Group LLC raised its holdings in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after buying an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. boosted its position in 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate's stock valued at $408,000 after buying an additional 249 shares during the period. Finally, Candriam S.C.A. grew its holdings in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate's stock worth $3,931,000 after acquiring an additional 6,185 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of 3M stock traded down $1.11 on Tuesday, hitting $131.78. 1,079,087 shares of the company traded hands, compared to its average volume of 4,738,706. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The business has a 50-day simple moving average of $132.39 and a 200 day simple 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. The stock has a market capitalization of $71.76 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 EPS. 3M's revenue for the quarter was down 24.3% compared to the same quarter last year. Research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. 3M's payout ratio is presently 35.35%.

Analysts Set New Price Targets

MMM has been the topic of several recent analyst reports. Mizuho raised their target price on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Bank of America raised their price target on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price for the company. Melius raised 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Barclays lifted their price target 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 issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $144.87.

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.