White Knight Strategic Wealth Advisors LLC Sells 2,227 Shares of 3M (NYSE:MMM)

White Knight Strategic Wealth Advisors LLC lessened its holdings in 3M (NYSE:MMM) by 53.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,910 shares of the conglomerate’s stock after selling 2,227 shares during the quarter. White Knight Strategic Wealth Advisors LLC’s holdings in 3M were worth $261,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Virtu Financial LLC bought a new stake in shares of 3M during the 1st quarter valued at $485,000. Atria Investments Inc lifted its position in 3M by 50.8% during the first quarter. Atria Investments Inc now owns 34,961 shares of the conglomerate’s stock worth $3,710,000 after purchasing an additional 11,779 shares during the period. Cetera Investment Advisers grew its stake in 3M by 160.2% during the first quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate’s stock worth $17,622,000 after buying an additional 102,284 shares in the last quarter. Cetera Advisors LLC increased its holdings in 3M by 202.8% in the 1st quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock valued at $4,944,000 after buying an additional 31,221 shares during the period. Finally, DNB Asset Management AS raised its position in shares of 3M by 7.1% in the 2nd quarter. DNB Asset Management AS now owns 138,066 shares of the conglomerate’s stock valued at $14,109,000 after buying an additional 9,120 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on MMM. Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Performance

NYSE MMM opened at $133.53 on Friday. The company has a market capitalization of $72.71 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The stock has a fifty day simple moving average of $132.39 and a 200 day simple moving average of $120.16.

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

3M Announces Dividend

The company 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. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.