Douglas Lane & Associates LLC Sells 432 Shares of 3M (NYSE:MMM)

Douglas Lane & Associates LLC decreased its stake in shares of 3M (NYSE:MMM) by 12.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,110 shares of the conglomerate’s stock after selling 432 shares during the quarter. Douglas Lane & Associates LLC’s holdings in 3M were worth $318,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. International Assets Investment Management LLC lifted its position in 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares during the last quarter. Sowell Financial Services LLC lifted its holdings in shares of 3M by 0.8% in the 4th quarter. Sowell Financial Services LLC now owns 41,338 shares of the conglomerate’s stock worth $4,519,000 after acquiring an additional 315 shares during the last quarter. Stratos Wealth Advisors LLC lifted its holdings in shares of 3M by 4.0% in the 4th quarter. Stratos Wealth Advisors LLC now owns 4,803 shares of the conglomerate’s stock worth $525,000 after acquiring an additional 183 shares during the last quarter. Tritonpoint Wealth LLC bought a new stake in shares of 3M in the 4th quarter worth about $1,167,000. Finally, Arlington Trust Co LLC lifted its holdings in shares of 3M by 8,807.7% in the 4th quarter. Arlington Trust Co LLC now owns 1,158 shares of the conglomerate’s stock worth $127,000 after acquiring an additional 1,145 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded up $0.28 during trading on Tuesday, reaching $124.89. The company had a trading volume of 4,333,467 shares, compared to its average volume of 5,462,141. The firm has a 50-day simple moving average of $104.99 and a 200-day simple moving average of $99.47. The company has a market cap of $69.11 billion, a price-to-earnings ratio of -9.87, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a twelve month low of $71.12 and a twelve month high of $128.65.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the business earned $2.17 EPS. As a group, sell-side analysts expect that 3M will post 7.21 earnings per share for the current year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

Several research firms recently commented on MMM. Barclays raised their price target on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Bank of America raised their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus price target of $123.57.

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.