3M (NYSE:MMM) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC reduced its position in 3M (NYSE:MMM) by 15.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,737 shares of the conglomerate’s stock after selling 2,281 shares during the quarter. Fisher Asset Management LLC’s holdings in 3M were worth $1,741,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Virtu Financial LLC acquired a new stake in shares of 3M during the first quarter worth about $485,000. Atria Investments Inc increased its holdings in shares of 3M by 50.8% in the first quarter. Atria Investments Inc now owns 34,961 shares of the conglomerate’s stock valued at $3,710,000 after purchasing an additional 11,779 shares during the period. Cetera Investment Advisers increased its holdings in shares of 3M by 160.2% in the first quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate’s stock valued at $17,622,000 after purchasing an additional 102,284 shares during the period. Cetera Advisors LLC raised its stake in shares of 3M by 202.8% during the first quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock worth $4,944,000 after purchasing an additional 31,221 shares during the last quarter. Finally, DNB Asset Management AS lifted its holdings in shares of 3M by 7.1% during the second quarter. DNB Asset Management AS now owns 138,066 shares of the conglomerate’s stock worth $14,109,000 after purchasing an additional 9,120 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Up 0.8 %

Shares of 3M stock opened at $133.53 on Friday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50 day moving average price of $132.39 and a 200 day moving average price of $120.16. The company has a market capitalization of $72.71 billion, a P/E ratio of 16.86, a P/E/G ratio of 2.19 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly 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 company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 earnings per share. Sell-side analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MMM shares. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius Research upgraded shares of 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. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada upped their price objective on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Company 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.