Cassaday & Co Wealth Management LLC Sells 172 Shares of 3M (NYSE:MMM)

Cassaday & Co Wealth Management LLC lowered its holdings in 3M (NYSE:MMM) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,807 shares of the conglomerate’s stock after selling 172 shares during the quarter. Cassaday & Co Wealth Management LLC’s holdings in 3M were worth $657,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC bought a new position in shares of 3M during the second quarter valued at $28,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 8.6% during the 3rd 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 during the last quarter. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew 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 buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.3 %

NYSE MMM opened at $130.17 on Tuesday. The company has a market cap of $70.89 billion, a PE ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a 50 day moving average of $132.84 and a 200-day moving average 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 (NYSE:MMM) last announced 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 net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm posted $2.68 EPS. The company’s quarterly revenue was down 24.3% on a year-over-year basis. On average, equities research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm 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 $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 2.15%. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Bank of America raised their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average price target of $144.87.

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.