Carlton Hofferkamp & Jenks Wealth Management LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Carlton Hofferkamp & Jenks Wealth Management LLC reduced its stake in 3M (NYSE:MMM) by 4.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,041 shares of the conglomerate’s stock after selling 201 shares during the quarter. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in 3M were worth $509,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MMM. Sei Investments Co. boosted its position in 3M by 13.2% in 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 last quarter. Russell Investments Group Ltd. grew its position in 3M by 0.8% during the first 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 during the period. Avantax Advisory Services Inc. grew its position in 3M by 10.2% during the first quarter. Avantax Advisory Services Inc. now owns 40,181 shares of the conglomerate’s stock valued at $4,262,000 after buying an additional 3,717 shares during the period. State Board of Administration of Florida Retirement System raised its position in 3M by 5.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 620,152 shares of the conglomerate’s stock worth $65,184,000 after acquiring an additional 30,362 shares during the period. Finally, Fortis Capital Advisors LLC boosted its stake in 3M by 4.1% in the first quarter. Fortis Capital Advisors LLC now owns 2,917 shares of the conglomerate’s stock valued at $309,000 after acquiring an additional 114 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of NYSE MMM opened at $130.32 on Wednesday. The stock’s 50-day simple moving average is $132.78 and its two-hundred day simple moving average is $117.40. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a market capitalization of $70.97 billion, a P/E ratio of 16.45, a P/E/G ratio of 2.20 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) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm posted $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Citigroup raised their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and set a $184.00 target price on the stock in a research note on Wednesday. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Company 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.