Neumann Capital Management LLC Cuts Stock Holdings in 3M (NYSE:MMM)

Neumann Capital Management LLC decreased its position in 3M (NYSE:MMM) by 31.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,011 shares of the conglomerate’s stock after selling 2,800 shares during the quarter. Neumann Capital Management LLC’s holdings in 3M were worth $822,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. ING Groep NV grew its position in shares of 3M by 115.4% during the third quarter. ING Groep NV now owns 209,973 shares of the conglomerate’s stock worth $28,703,000 after acquiring an additional 112,511 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in 3M by 6.0% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,027 shares of the conglomerate’s stock worth $2,191,000 after acquiring an additional 905 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of 3M by 0.5% in the 3rd quarter. Metis Global Partners LLC now owns 25,811 shares of the conglomerate’s stock valued at $3,528,000 after purchasing an additional 137 shares in the last quarter. Hourglass Capital LLC increased its holdings in 3M by 0.4% in the third quarter. Hourglass Capital LLC now owns 51,753 shares of the conglomerate’s stock valued at $7,075,000 after buying an additional 182 shares in the last quarter. Finally, Plato Investment Management Ltd raised its holdings in 3M by 2.2% during the third quarter. Plato Investment Management Ltd now owns 10,967 shares of the conglomerate’s stock worth $1,498,000 after purchasing an additional 240 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th. Barclays upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Price Performance

Shares of NYSE MMM opened at $132.32 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $72.06 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The business has a 50 day simple moving average of $132.76 and a 200-day simple moving average of $117.50.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the firm earned $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, equities research analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.12%. 3M’s dividend payout ratio (DPR) is 35.35%.

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.