Marks Group Wealth Management Inc Sells 132 Shares of 3M (NYSE:MMM)

Marks Group Wealth Management Inc lessened its stake in shares of 3M (NYSE:MMM) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,913 shares of the conglomerate’s stock after selling 132 shares during the quarter. Marks Group Wealth Management Inc’s holdings in 3M were worth $945,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. CVA Family Office LLC boosted its position in 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the period. Fortis Capital Advisors LLC lifted its stake in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC boosted its holdings in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after buying an additional 84 shares during the period. TCV Trust & Wealth Management Inc. grew its stake in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after buying an additional 84 shares during the last quarter. Finally, Weatherly Asset Management L. P. raised its holdings in 3M by 3.3% in the 3rd quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after acquiring an additional 86 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Citigroup raised 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, 3M presently has a consensus rating of “Hold” and an average price target of $139.27.

3M Stock Performance

3M stock opened at $133.92 on Thursday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. 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 stock has a fifty day moving average price of $132.83 and a two-hundred day moving average price of $116.09. The firm has a market capitalization of $72.93 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.03 and a beta of 0.95.

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, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm posted $2.68 EPS. As a group, analysts anticipate that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

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.