3M (NYSE:MMM) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. lessened its position in shares of 3M (NYSE:MMM - Free Report) by 70.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,931 shares of the conglomerate's stock after selling 16,425 shares during the quarter. Kovack Advisors Inc.'s holdings in 3M were worth $947,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Ballentine Partners LLC raised its stake in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock valued at $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC lifted its holdings in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after acquiring an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. grew its position in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate's stock worth $408,000 after acquiring an additional 249 shares in the last quarter. Candriam S.C.A. increased its stake in 3M by 19.2% during the second 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. Finally, True Vision MN LLC purchased a new stake in 3M during the second quarter valued at approximately $512,000. Institutional investors own 65.25% of the company's stock.

3M Stock Up 0.7 %

Shares of MMM stock traded up $0.87 on Thursday, hitting $132.32. The stock had a trading volume of 2,252,511 shares, compared to its average volume of 4,857,236. 3M has a one year low of $75.40 and a one year high of $141.34. The business has a 50 day moving average price of $132.76 and a 200 day moving average price of $117.50. The company has a market cap of $72.06 billion, a PE ratio of 16.60, a P/E/G ratio of 2.16 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Dividend Announcement

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

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent research reports. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Mizuho increased their target price on shares of 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 raised their target price on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Finally, Bank of America increased their price objective 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.