Royal Capital Wealth Management LLC Decreases Stock Position in 3M (NYSE:MMM)

Royal Capital Wealth Management LLC lessened its position in shares of 3M (NYSE:MMM) by 14.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,243 shares of the conglomerate’s stock after selling 369 shares during the period. Royal Capital Wealth Management LLC’s holdings in 3M were worth $307,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MMM. FSA Wealth Management LLC purchased a new stake in 3M during the third quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings 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 buying an additional 121 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays raised their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company increased their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two equities 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

MMM opened at $133.53 on Friday. 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 stock has a market capitalization of $72.72 billion, a P/E ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95. The stock has a 50-day moving average price of $132.39 and a 200-day moving average price of $120.30. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM) last issued 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. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.68 earnings per share. Equities analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio 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.