Chiron Investment Management LLC Sells 6,269 Shares of 3M (NYSE:MMM)

Chiron Investment Management LLC lessened its holdings in 3M (NYSE:MMM - Free Report) by 27.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,824 shares of the conglomerate's stock after selling 6,269 shares during the period. Chiron Investment Management LLC's holdings in 3M were worth $2,300,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FSA Wealth Management LLC bought a new stake in 3M in the 3rd quarter worth about $27,000. MFA Wealth Advisors LLC bought a new position in shares of 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC increased its position in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after purchasing an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its stake 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 period. Institutional investors and hedge funds own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MMM shares. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Bank of America raised their price target 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. Barclays upped their price objective on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. UBS Group raised 3M from a "neutral" rating to a "buy" rating and raised their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an "underweight" rating and a $125.00 price target on the stock. Two investment 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $144.87.

3M Price Performance

Shares of MMM traded up $0.54 during mid-day trading on Wednesday, reaching $130.31. 900,554 shares of the stock traded hands, compared to its average volume of 4,692,751. The company has a market cap of $70.96 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a fifty day moving average price of $131.64 and a 200 day moving average price of $121.86. 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 announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the company earned $2.68 EPS. The company's quarterly revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company 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. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M's dividend payout ratio is presently 35.35%.

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.