Linscomb Wealth Inc. Cuts Stake in 3M (NYSE:MMM)

Linscomb Wealth Inc. cut its holdings in shares of 3M (NYSE:MMM) by 15.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,901 shares of the conglomerate’s stock after selling 360 shares during the quarter. Linscomb Wealth Inc.’s holdings in 3M were worth $260,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MMM. CVA Family Office LLC raised its position in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. raised its holdings in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after purchasing an additional 81 shares in the last quarter. Fortis Capital Advisors LLC raised its holdings in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC lifted its holdings in 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 buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. boosted its position in shares of 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price target for the stock from $130.00 to $184.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Down 1.4 %

NYSE MMM opened at $129.76 on Friday. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 2.17 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. The company has a fifty day moving average of $132.80 and a two-hundred day moving average of $117.87.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $6.06 billion. During the same period in the prior year, the firm posted $2.68 EPS. The firm’s revenue was down 24.3% compared to the same quarter last year. On average, analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.