GM Advisory Group LLC Has $260,000 Position in 3M (NYSE:MMM)

GM Advisory Group LLC cut its position in shares of 3M (NYSE:MMM) by 68.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,904 shares of the conglomerate’s stock after selling 4,110 shares during the quarter. GM Advisory Group LLC’s holdings in 3M were worth $260,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Otter Creek Advisors LLC acquired a new stake in shares of 3M during the 3rd quarter valued at about $4,926,000. Eagle Asset Management Inc. bought a new position in 3M during the third quarter worth about $6,191,000. LPL Financial LLC boosted its holdings in 3M by 1.3% during the third quarter. LPL Financial LLC now owns 737,531 shares of the conglomerate’s stock valued at $100,820,000 after purchasing an additional 9,158 shares in the last quarter. Tradewinds LLC. boosted its holdings in 3M by 11.1% during the third quarter. Tradewinds LLC. now owns 2,622 shares of the conglomerate’s stock valued at $358,000 after purchasing an additional 263 shares in the last quarter. Finally, German American Bancorp Inc. grew its stake in shares of 3M by 11.0% in the 3rd quarter. German American Bancorp Inc. now owns 3,029 shares of the conglomerate’s stock valued at $414,000 after purchasing an additional 300 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Up 0.9 %

Shares of MMM opened at $128.43 on Friday. The business’s fifty day moving average price is $132.56 and its two-hundred day moving average price is $118.95. The firm has a market capitalization of $69.94 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.11 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

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 the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.68 earnings per share. 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. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is 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.