Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of 3M (NYSE:MMM - Free Report) by 47.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 192,222 shares of the conglomerate's stock after selling 175,460 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in 3M were worth $26,277,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of MMM. MFA Wealth Advisors LLC acquired a new stake in 3M in the second quarter valued at $28,000. Daymark Wealth Partners LLC raised 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 valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new position in 3M in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 65.25% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on MMM shares. StockNews.com cut 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Bank of America lifted their price objective 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. Citigroup lifted their price target on shares of 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research note on Monday, July 29th. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Finally, Argus raised shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.87.
Read Our Latest Report on MMM
3M Stock Down 0.0 %
3M stock traded down $0.02 during trading on Thursday, reaching $127.82. 698,943 shares of the company's stock were exchanged, compared to its average volume of 4,791,208. The company's 50-day moving average is $132.75 and its two-hundred day moving average is $118.67. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The firm 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 (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period last year, the firm posted $2.68 earnings per share. The business's revenue was down 24.3% on a year-over-year basis. On average, 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 issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.19%. 3M's dividend payout ratio (DPR) is presently 35.35%.
About 3M
(
Free Report)
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.
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