Carlton Hofferkamp & Jenks Wealth Management LLC Sells 201 Shares of 3M (NYSE:MMM)

Carlton Hofferkamp & Jenks Wealth Management LLC lowered its holdings in shares of 3M (NYSE:MMM) by 4.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,041 shares of the conglomerate’s stock after selling 201 shares during the period. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in 3M were worth $509,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Ballentine Partners LLC increased its holdings in shares of 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC raised its position in 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. boosted its stake in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares in the last quarter. Candriam S.C.A. grew its holdings in shares of 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC acquired a new position in shares of 3M in the second quarter valued at approximately $512,000. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

MMM stock opened at $130.32 on Wednesday. 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 company’s 50-day moving average is $132.78 and its 200-day moving average is $117.40. The stock has a market capitalization of $70.97 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

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

3M Dividend Announcement

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 paid 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 2.15%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Citigroup boosted their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

About 3M

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.