3M (NYSE:MMM) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC lessened its holdings in 3M (NYSE:MMM - Free Report) by 66.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,328 shares of the conglomerate's stock after selling 26,008 shares during the quarter. Townsquare Capital LLC's holdings in 3M were worth $1,822,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock valued at $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock valued at $506,135,000 after acquiring an additional 97,340 shares during the period. AQR Capital Management LLC grew its holdings in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after purchasing an additional 396,773 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of 3M by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate's stock valued at $198,298,000 after buying an additional 11,315 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of several analyst reports. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Finally, Royal Bank of Canada upped their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a 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 issued a buy rating to the company's stock. According to data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.87.

3M Stock Performance

MMM traded down $0.64 during midday trading on Monday, reaching $132.89. The company had a trading volume of 2,929,554 shares, compared to its average volume of 4,754,283. 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 business has a 50-day moving average of $132.39 and a two-hundred day moving average of $120.43. The company has a market cap of $72.37 billion, a P/E ratio of 16.78, a P/E/G ratio of 2.21 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year 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. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm's revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 EPS. As a group, equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M's dividend payout ratio (DPR) is presently 35.35%.

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.