Carlson Capital Management Has $8.26 Million Stake in 3M (NYSE:MMM)

Carlson Capital Management lowered its holdings in 3M (NYSE:MMM) by 6.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 60,436 shares of the conglomerate’s stock after selling 4,388 shares during the quarter. 3M comprises approximately 0.4% of Carlson Capital Management’s investment portfolio, making the stock its 19th largest holding. Carlson Capital Management’s holdings in 3M were worth $8,262,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. CVA Family Office LLC grew its position in 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the period. Harbour Investments Inc. grew its position in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares during the period. Fortis Capital Advisors LLC grew its position in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares during the period. KMG Fiduciary Partners LLC grew its position in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. grew its position in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several research reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Barclays lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Bank of America lifted their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

NYSE MMM traded down $0.42 during trading on Tuesday, hitting $129.90. 349,504 shares of the company’s stock traded hands, compared to its average volume of 4,773,221. The stock has a market capitalization of $70.74 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 2.12 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business has a 50 day moving average of $132.48 and a 200-day moving average of $119.51.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.68 earnings per share. As a group, equities research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 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.