Cladis Investment Advisory LLC Sells 1,750 Shares of 3M (NYSE:MMM)

Cladis Investment Advisory LLC decreased its holdings in 3M (NYSE:MMM) by 44.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,149 shares of the conglomerate’s stock after selling 1,750 shares during the quarter. Cladis Investment Advisory LLC’s holdings in 3M were worth $294,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter worth $27,000. MFA Wealth Advisors LLC bought a new stake in 3M during the second quarter valued at about $28,000. Daymark Wealth Partners LLC increased its position in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. raised its stake in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MMM shares. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Up 0.8 %

NYSE MMM opened at $133.53 on Monday. The stock has a 50 day moving average price of $132.39 and a 200-day moving average price of $120.43. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market capitalization of $72.72 billion, a P/E ratio of 16.86, a P/E/G ratio of 2.21 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last issued 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. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue was down 24.3% on a year-over-year basis. During the same period last year, the company posted $2.68 EPS. As a group, equities analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given 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 yield of 2.10%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.