V2 Financial group LLC Lowers Stock Holdings in 3M (NYSE:MMM)

V2 Financial group LLC reduced its stake in 3M (NYSE:MMM) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,877 shares of the conglomerate’s stock after selling 116 shares during the quarter. 3M accounts for 0.7% of V2 Financial group LLC’s investment portfolio, making the stock its 21st biggest holding. V2 Financial group LLC’s holdings in 3M were worth $1,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crystal Rock Capital Management purchased a new stake in shares of 3M in the third quarter valued at approximately $1,388,000. GSA Capital Partners LLP boosted its stake in shares of 3M by 550.4% in the third quarter. GSA Capital Partners LLP now owns 22,691 shares of the conglomerate’s stock valued at $3,102,000 after buying an additional 19,202 shares in the last quarter. Harbour Investments Inc. boosted its stake in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after buying an additional 81 shares in the last quarter. Opinicus Capital Inc. boosted its stake in shares of 3M by 8.5% in the third quarter. Opinicus Capital Inc. now owns 4,078 shares of the conglomerate’s stock valued at $558,000 after buying an additional 318 shares in the last quarter. Finally, Versor Investments LP boosted its stake in shares of 3M by 351.7% in the third quarter. Versor Investments LP now owns 12,775 shares of the conglomerate’s stock valued at $1,746,000 after buying an additional 9,947 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

3M stock opened at $133.17 on Tuesday. The firm has a market capitalization of $72.52 billion, a P/E ratio of 16.79, a PEG ratio of 2.22 and a beta of 0.95. The stock has a fifty day moving average price of $132.79 and a 200 day moving average price of $117.13. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the business earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities research analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

MMM has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $139.27.

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.