3M (NYSE:MMM) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lessened its stake in 3M (NYSE:MMM) by 74.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,900 shares of the conglomerate’s stock after selling 19,867 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in 3M were worth $943,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Kestra Investment Management LLC acquired a new position in 3M in the 3rd quarter worth about $1,403,000. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter worth about $27,000. True Wealth Design LLC raised its holdings in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the period. Edgestream Partners L.P. raised its holdings in 3M by 39.3% in the 3rd quarter. Edgestream Partners L.P. now owns 41,789 shares of the conglomerate’s stock worth $5,713,000 after purchasing an additional 11,792 shares during the period. Finally, NCM Capital Management LLC raised its holdings in 3M by 117.3% in the 3rd quarter. NCM Capital Management LLC now owns 12,710 shares of the conglomerate’s stock worth $1,737,000 after purchasing an additional 6,860 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MMM. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. 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 note on Tuesday, October 22nd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Trading Up 0.8 %

Shares of 3M stock opened at $133.53 on Monday. The firm has a market capitalization of $72.72 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week 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 stock has a 50 day moving average of $132.39 and a 200 day moving average of $120.43.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $6.06 billion. During the same period in the prior year, the business posted $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid 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 (DPR) is 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.