Stifel Financial Corp Sells 1,778 Shares of 3M (NYSE:MMM)

Stifel Financial Corp cut its position in 3M (NYSE:MMM) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 493,030 shares of the conglomerate’s stock after selling 1,778 shares during the quarter. Stifel Financial Corp’s holdings in 3M were worth $67,401,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares during the period. Pacer Advisors Inc. raised its stake in 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after purchasing an additional 43,942 shares during the period. Finally, AQR Capital Management LLC grew its stake in 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after buying an additional 396,773 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. 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 report on Wednesday, October 23rd. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Down 0.2 %

Shares of NYSE:MMM opened at $133.08 on Friday. The firm has a market cap of $72.47 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.16 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The business has a fifty day simple moving average of $131.97 and a 200 day simple moving average of $120.97. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Announces Dividend

The firm also recently declared 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. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. 3M’s payout ratio is currently 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.