Holocene Advisors LP Cuts Position in 3M (NYSE:MMM)

Holocene Advisors LP lowered its position in 3M (NYSE:MMM) by 35.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,712,605 shares of the conglomerate’s stock after selling 941,028 shares during the quarter. 3M makes up about 0.9% of Holocene Advisors LP’s holdings, making the stock its 24th biggest holding. Holocene Advisors LP owned about 0.31% of 3M worth $234,113,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter valued at about $27,000. MFA Wealth Advisors LLC purchased a new position in 3M during the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC increased its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.0 %

3M stock opened at $133.54 on Monday. The stock’s 50 day moving average price is $132.39 and its 200 day moving average price is $120.43. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a market cap of $72.72 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. 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 earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the company earned $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, sell-side analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MMM shares. Bank of America lifted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. upped their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Two equities research 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 currently has an average rating of “Moderate Buy” and an average price target of $144.87.

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.