Dakota Wealth Management Decreases Stock Holdings in 3M (NYSE:MMM)

Dakota Wealth Management reduced its stake in shares of 3M (NYSE:MMM) by 7.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,312 shares of the conglomerate’s stock after selling 1,365 shares during the quarter. Dakota Wealth Management’s holdings in 3M were worth $2,106,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MMM. CVA Family Office LLC raised its stake in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after buying an additional 79 shares during the last quarter. Wynn Capital LLC raised its stake in 3M by 0.7% in the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock valued at $1,509,000 after buying an additional 80 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after purchasing an additional 81 shares during the last quarter. KMG Fiduciary Partners LLC raised its stake in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. raised its stake in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after purchasing an additional 84 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Bank of America lifted their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup boosted their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Performance

NYSE MMM opened at $149.64 on Friday. The stock’s fifty day moving average is $132.09 and its two-hundred day moving average is $128.67. The firm has a market capitalization of $81.49 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 97.19% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter in the prior year, the company posted $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. On average, research analysts anticipate that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 1.87%. 3M’s dividend payout ratio is currently 37.09%.

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.