3M (NYSE:MMM) Shares Sold by Sheaff Brock Investment Advisors LLC

Sheaff Brock Investment Advisors LLC decreased its position in shares of 3M (NYSE:MMM) by 93.7% during the third quarter, Holdings Channel.com reports. The firm owned 2,626 shares of the conglomerate’s stock after selling 39,051 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in 3M were worth $359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MMM. M&G Plc acquired a new stake in shares of 3M in the first quarter valued at approximately $15,855,000. Intech Investment Management LLC raised its holdings in shares of 3M by 3.1% in the 1st quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock valued at $3,135,000 after buying an additional 875 shares during the period. Vanguard Group Inc. boosted its position in 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after buying an additional 377,703 shares during the period. Acadian Asset Management LLC increased its stake in shares of 3M by 116.6% during the first quarter. Acadian Asset Management LLC now owns 170,766 shares of the conglomerate’s stock worth $18,106,000 after buying an additional 91,941 shares during the period. Finally, Osaic Holdings Inc. increased its holdings in shares of 3M by 6.5% in the 1st quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock valued at $36,305,000 after acquiring an additional 20,900 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday. Barclays raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Trading Down 1.4 %

Shares of MMM stock opened at $129.76 on Friday. 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 has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a 50 day moving average price of $132.80 and a two-hundred day moving average price of $117.87. The company has a market capitalization of $70.66 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95.

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 analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. 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 2.16%. 3M’s dividend payout ratio is presently 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.