TRUE Private Wealth Advisors Trims Position in 3M (NYSE:MMM)

TRUE Private Wealth Advisors decreased its position in shares of 3M (NYSE:MMM) by 4.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,730 shares of the conglomerate’s stock after selling 1,275 shares during the quarter. TRUE Private Wealth Advisors’ holdings in 3M were worth $4,064,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of MMM. FMR LLC raised its position in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. lifted its stake in 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after purchasing an additional 43,942 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on MMM shares. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Barclays boosted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

MMM opened at $133.53 on Friday. The business has a fifty day moving average of $132.39 and a 200 day moving average of $120.16. The stock has a market cap of $72.71 billion, a P/E ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last issued its 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 net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the firm earned $2.68 earnings per share. The business’s revenue was down 24.3% on a year-over-year basis. As a group, sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 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.