Entropy Technologies LP Cuts Stake in 3M (NYSE:MMM)

Entropy Technologies LP lowered its position in 3M (NYSE:MMM) by 41.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,614 shares of the conglomerate’s stock after selling 28,183 shares during the quarter. 3M makes up approximately 0.6% of Entropy Technologies LP’s portfolio, making the stock its 29th biggest position. Entropy Technologies LP’s holdings in 3M were worth $5,415,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Ballentine Partners LLC raised its holdings in shares of 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC raised its holdings in shares of 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. raised its holdings in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after acquiring an additional 249 shares in the last quarter. Candriam S.C.A. raised its holdings in shares of 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares in the last quarter. Finally, True Vision MN LLC bought a new position in shares of 3M during the second quarter valued at approximately $512,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 1.0 %

MMM stock opened at $133.00 on Tuesday. 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 has a 1-year low of $75.40 and a 1-year high of $141.34. The business has a 50 day simple moving average of $132.82 and a two-hundred day simple moving average of $116.84. The company has a market capitalization of $72.43 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.22 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.68 earnings per share. Research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. Finally, Bank of America increased their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $139.27.

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.