MONECO Advisors LLC Has $372,000 Stock Position in 3M (NYSE:MMM)

MONECO Advisors LLC cut its stake in shares of 3M (NYSE:MMM) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,720 shares of the conglomerate’s stock after selling 118 shares during the period. MONECO Advisors LLC’s holdings in 3M were worth $372,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Integrated Advisors Network LLC increased its position in 3M by 68.7% during the third quarter. Integrated Advisors Network LLC now owns 12,715 shares of the conglomerate’s stock worth $1,738,000 after acquiring an additional 5,180 shares during the period. MBA Advisors LLC grew its position in shares of 3M by 16.1% during the 3rd quarter. MBA Advisors LLC now owns 3,330 shares of the conglomerate’s stock worth $455,000 after purchasing an additional 463 shares in the last quarter. Smith Group Asset Management LLC bought a new position in shares of 3M during the third quarter worth approximately $343,000. Pallas Capital Advisors LLC raised its position in shares of 3M by 27.5% in the third quarter. Pallas Capital Advisors LLC now owns 10,806 shares of the conglomerate’s stock valued at $1,367,000 after buying an additional 2,333 shares in the last quarter. Finally, Yeomans Consulting Group Inc. bought a new stake in shares of 3M in the third quarter valued at approximately $498,000. Institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Trading Down 1.3 %

Shares of MMM stock opened at $127.59 on Thursday. 3M has a 1-year low of $74.51 and a 1-year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market cap of $70.60 billion, a price-to-earnings ratio of -10.03, a PEG ratio of 2.42 and a beta of 0.95. The stock has a 50-day moving average of $133.07 and a 200-day moving average of $114.80.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the company earned $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. On average, equities research analysts forecast that 3M will post 7.26 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s dividend payout ratio (DPR) is -22.01%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MMM shares. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday. Barclays upped their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, 3M currently has an average rating of “Hold” and a consensus target price of $139.27.

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.