Wolverine Asset Management LLC Sells 12,500 Shares of 3M (NYSE:MMM)

Wolverine Asset Management LLC reduced its position in shares of 3M (NYSE:MMM - Free Report) by 39.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,000 shares of the conglomerate's stock after selling 12,500 shares during the period. Wolverine Asset Management LLC's holdings in 3M were worth $2,597,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management increased its stake in shares of 3M by 25.3% in the first quarter. LSV Asset Management now owns 12,400 shares of the conglomerate's stock worth $1,315,000 after purchasing an additional 2,500 shares in the last quarter. Sei Investments Co. grew its stake in shares of 3M by 13.2% during the first quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate's stock worth $16,420,000 after purchasing an additional 18,054 shares during the period. Russell Investments Group Ltd. increased its position in 3M by 0.8% in the 1st quarter. Russell Investments Group Ltd. now owns 262,119 shares of the conglomerate's stock valued at $27,719,000 after buying an additional 2,050 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in 3M by 10.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 40,181 shares of the conglomerate's stock worth $4,262,000 after purchasing an additional 3,717 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of 3M by 0.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 121,334 shares of the conglomerate's stock worth $12,870,000 after buying an additional 384 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research analyst reports. Citigroup lifted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Bank of America raised their target price on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Royal Bank of Canada upped their price target on 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. StockNews.com cut 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Finally, Argus raised 3M from a "hold" rating to a "buy" rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $139.27.

3M Price Performance

Shares of MMM traded down $2.65 during trading hours on Tuesday, reaching $130.35. 3,065,556 shares of the company's stock traded hands, compared to its average volume of 4,878,480. The stock has a market cap of $70.98 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm's 50 day simple moving average is $132.79 and its 200-day simple moving average is $117.13. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

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

3M Announces Dividend

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 paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio (DPR) is presently 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.