Diversified LLC Trims Stake in 3M (NYSE:MMM)

Diversified LLC reduced its position in shares of 3M (NYSE:MMM) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,878 shares of the conglomerate’s stock after selling 292 shares during the period. Diversified LLC’s holdings in 3M were worth $804,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. McClarren Financial Advisors Inc. grew its position in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M in the second quarter worth $28,000. Meeder Asset Management Inc. boosted its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. TruNorth Capital Management LLC purchased a new stake in 3M during the second quarter valued at about $33,000. Finally, Gradient Investments LLC boosted its position in 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after buying an additional 110 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the subject of several analyst reports. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Barclays upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

MMM stock opened at $129.09 on Monday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a market cap of $70.30 billion, a P/E ratio of 16.21, a PEG ratio of 2.12 and a beta of 0.95. The firm has a 50-day moving average of $132.56 and a 200 day moving average of $119.28. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last released 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. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm earned $2.68 earnings per share. 3M’s revenue was down 24.3% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

About 3M

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.