Kingsview Wealth Management LLC Sells 862 Shares of 3M (NYSE:MMM)

Kingsview Wealth Management LLC decreased its holdings in 3M (NYSE:MMM) by 2.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,176 shares of the conglomerate’s stock after selling 862 shares during the period. Kingsview Wealth Management LLC’s holdings in 3M were worth $4,399,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ballentine Partners LLC grew its position in 3M by 40.1% during 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 in the last quarter. Stonegate Investment Group LLC raised its position in 3M by 5.6% during 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 last quarter. Ausdal Financial Partners Inc. raised its position in shares of 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 acquiring an additional 249 shares in the last quarter. Candriam S.C.A. raised its position in shares of 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 acquiring an additional 6,185 shares in the last quarter. Finally, True Vision MN LLC acquired a new stake in shares of 3M in the 2nd quarter valued at about $512,000. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $128.42 on Friday. The company has a 50 day moving average price of $132.56 and a 200-day moving average price of $119.11. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The stock has a market capitalization of $69.93 billion, a PE ratio of 16.21, a PEG ratio of 2.11 and a beta of 0.95. 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, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the company posted $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. Stockholders of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Mizuho increased their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.