3M (NYSE:MMM) Shares Sold by Curi RMB Capital LLC

Curi RMB Capital LLC lessened its stake in shares of 3M (NYSE:MMM) by 8.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,858 shares of the conglomerate’s stock after selling 1,235 shares during the quarter. Curi RMB Capital LLC’s holdings in 3M were worth $1,758,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Ballentine Partners LLC grew its position in 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC boosted its stake in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the period. Ausdal Financial Partners Inc. boosted its stake in 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares during the period. Candriam S.C.A. boosted its stake in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the period. Finally, True Vision MN LLC acquired a new position in 3M in the 2nd quarter worth approximately $512,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MMM. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price objective 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. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Citigroup lifted their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Performance

NYSE:MMM opened at $129.76 on Friday. The firm’s 50-day moving average is $132.78 and its 200-day moving average is $117.60. 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. The company has a market cap of $70.66 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data 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. 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 quarter in the previous year, the firm posted $2.68 EPS. The business’s 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 firm also recently announced 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s dividend payout ratio (DPR) 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.