Verdence Capital Advisors LLC Decreases Position in 3M (NYSE:MMM)

Verdence Capital Advisors LLC trimmed its stake in shares of 3M (NYSE:MMM - Free Report) by 51.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,474 shares of the conglomerate's stock after selling 9,070 shares during the period. Verdence Capital Advisors LLC's holdings in 3M were worth $1,158,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter valued at approximately $28,000. Daymark Wealth Partners LLC lifted its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after purchasing an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in shares of 3M in the second quarter worth about $33,000. Institutional investors own 65.25% of the company's stock.

3M Trading Down 0.6 %

Shares of MMM traded down $0.77 during trading on Monday, reaching $133.57. 1,792,058 shares of the company traded hands, compared to its average volume of 4,877,736. The stock has a 50-day simple moving average of $132.82 and a 200-day simple moving average of $116.84. 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 has a twelve month low of $75.40 and a twelve month high of $141.34. The stock has a market cap of $72.74 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95.

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

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M's dividend payout ratio (DPR) is 35.35%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MMM shares. Royal Bank of Canada lifted their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research report on Monday, July 29th. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research 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 company an "overweight" rating in a research note on Monday, October 28th. Finally, Barclays raised their target price on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $139.27.

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.