Delta Asset Management LLC TN decreased its position in shares of 3M (NYSE:MMM – Free Report) by 99.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,435 shares of the conglomerate’s stock after selling 143,296 shares during the quarter. Delta Asset Management LLC TN’s holdings in 3M were worth $144,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. raised its stake in shares of 3M by 13.2% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 34,698 shares of the conglomerate’s stock valued at $3,473,000 after buying an additional 4,057 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its holdings in 3M by 5.2% in the first quarter. Gladstone Institutional Advisory LLC now owns 27,061 shares of the conglomerate’s stock valued at $2,844,000 after acquiring an additional 1,333 shares during the period. FORVIS Wealth Advisors LLC boosted its position in 3M by 31.5% in the 2nd quarter. FORVIS Wealth Advisors LLC now owns 15,953 shares of the conglomerate’s stock worth $1,597,000 after purchasing an additional 3,824 shares in the last quarter. Ballentine Partners LLC boosted its position in 3M by 17.1% in the 2nd quarter. Ballentine Partners LLC now owns 5,648 shares of the conglomerate’s stock worth $565,000 after purchasing an additional 825 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of 3M by 32.9% during the 1st quarter. American Century Companies Inc. now owns 94,855 shares of the conglomerate’s stock worth $9,844,000 after purchasing an additional 23,485 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.
3M Price Performance
3M stock opened at $94.98 on Tuesday. The company has a fifty day simple moving average of $92.83 and a 200-day simple moving average of $98.90. The company has a quick ratio of 0.72, a current ratio of 1.05 and a debt-to-equity ratio of 2.72. The firm has a market capitalization of $52.46 billion, a price-to-earnings ratio of -7.11, a PEG ratio of 1.43 and a beta of 0.98. 3M has a 52-week low of $85.35 and a 52-week high of $130.02.
3M Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 17th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 6.32%. The ex-dividend date of this dividend is Thursday, November 16th. 3M’s payout ratio is currently -44.94%.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the stock. HSBC began coverage on shares of 3M in a report on Friday, September 15th. They set a “hold” rating and a $109.00 price target on the stock. StockNews.com upgraded 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Mizuho reaffirmed a “neutral” rating and issued a $120.00 price target on shares of 3M in a report on Tuesday, August 29th. Wells Fargo & Company cut their price objective on 3M from $115.00 to $93.00 in a research report on Monday, October 9th. Finally, Barclays upped their price objective on shares of 3M from $96.00 to $98.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.30.
3M Company Profile
3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
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