Planning Capital Management Corp Decreases Stake in 3M (NYSE:MMM)

Planning Capital Management Corp lowered its position in 3M (NYSE:MMM - Free Report) by 86.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,169 shares of the conglomerate's stock after selling 27,137 shares during the period. Planning Capital Management Corp's holdings in 3M were worth $570,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. CVA Family Office LLC lifted its holdings in shares of 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock worth $571,000 after buying an additional 79 shares during the period. Harbour Investments Inc. boosted its stake in 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock valued at $1,443,000 after acquiring an additional 81 shares in the last quarter. Fortis Capital Advisors LLC increased its holdings in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after purchasing an additional 84 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock worth $2,213,000 after acquiring an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. lifted its stake in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock worth $884,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Wall Street Analyst Weigh In

MMM has been the subject of several research reports. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Royal Bank of Canada raised their price objective on shares of 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their price objective on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Finally, Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, 3M presently has a consensus rating of "Moderate Buy" and an average target price of $144.87.

3M Stock Up 0.7 %

Shares of 3M stock traded up $0.87 on Thursday, reaching $132.32. The company's stock had a trading volume of 2,252,532 shares, compared to its average volume of 4,857,098. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm's fifty day simple moving average is $132.76 and its two-hundred day simple moving average is $117.50. The company has a market capitalization of $72.06 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.16 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data 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 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 analyst estimates of $6.06 billion. During the same period in the prior year, the company posted $2.68 EPS. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. 3M's payout ratio is currently 35.35%.

3M 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.