3M (NYSE:MMM) Shares Sold by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC lowered its holdings in 3M (NYSE:MMM) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,126 shares of the conglomerate’s stock after selling 361 shares during the period. 3M comprises 2.5% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 11th biggest holding. Summit Financial Wealth Advisors LLC’s holdings in 3M were worth $13,140,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Dai ichi Life Insurance Company Ltd raised its holdings in 3M by 33.5% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 44,265 shares of the conglomerate’s stock worth $6,051,000 after buying an additional 11,115 shares during the period. Qsemble Capital Management LP raised its holdings in shares of 3M by 264.7% during the third quarter. Qsemble Capital Management LP now owns 31,104 shares of the conglomerate’s stock valued at $4,252,000 after acquiring an additional 22,576 shares during the period. Bank of Montreal Can lifted its position in shares of 3M by 39.1% in the 3rd quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate’s stock valued at $151,002,000 after acquiring an additional 308,912 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its stake in 3M by 60.9% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 9,575 shares of the conglomerate’s stock worth $1,309,000 after purchasing an additional 3,625 shares during the period. Finally, Whetstone Capital Advisors LLC purchased a new position in 3M during the 3rd quarter worth approximately $222,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

NYSE:MMM opened at $130.30 on Tuesday. The firm has a market capitalization of $70.96 billion, a PE ratio of 16.45, a PEG ratio of 2.12 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm’s fifty day simple moving average is $132.48 and its 200 day simple moving average is $119.51.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping 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 business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the company posted $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MMM shares. Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Barclays upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.