Cohen Klingenstein LLC Sells 3,300 Shares of 3M (NYSE:MMM)

Cohen Klingenstein LLC decreased its stake in shares of 3M (NYSE:MMM - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 33,149 shares of the conglomerate's stock after selling 3,300 shares during the quarter. Cohen Klingenstein LLC's holdings in 3M were worth $4,279,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. FSA Wealth Management LLC bought a new position in 3M in the third quarter worth $27,000. Daymark Wealth Partners LLC lifted its holdings in shares of 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 acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its position in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. ORG Partners LLC increased its stake in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock valued at $41,000 after acquiring an additional 98 shares during the period. Finally, True Wealth Design LLC raised its position in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock worth $42,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

3M Trading Up 1.3 %

Shares of 3M stock traded up $1.84 during trading on Friday, hitting $141.02. 5,717,193 shares of the company were exchanged, compared to its average volume of 2,528,391. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market capitalization of $76.80 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 2.01 and a beta of 0.95. The firm's fifty day moving average price is $131.24 and its 200 day moving average price is $127.74. 3M has a 1-year low of $75.40 and a 1-year high of $141.66.

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

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. 3M's payout ratio is 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of several analyst reports. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Bank of America increased their target price on shares of 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Finally, Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $144.13.

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.