3M (NYSE:MMM) Shares Sold by Belmont Capital LLC

Belmont Capital LLC reduced its stake in shares of 3M (NYSE:MMM) by 25.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,544 shares of the conglomerate’s stock after selling 2,586 shares during the quarter. Belmont Capital LLC’s holdings in 3M were worth $1,031,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. MFA Wealth Advisors LLC acquired a new position in 3M in the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. Meeder Asset Management Inc. raised its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M during the 2nd quarter valued at approximately $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

Shares of MMM stock opened at $130.17 on Tuesday. The company has a market cap of $70.89 billion, a P/E ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95. The firm has a fifty day moving average price of $132.84 and a 200 day moving average price of $118.39. The company has a current ratio of 1.43, a quick ratio of 1.08 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.

3M (NYSE:MMM) last released 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 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 the consensus estimate of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 EPS. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. Sell-side analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.