3M (NYSE:MMM) Stock Position Trimmed by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC decreased its position in 3M (NYSE:MMM) by 91.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 200 shares of the conglomerate’s stock after selling 2,193 shares during the period. Catalyst Capital Advisors LLC’s holdings in 3M were worth $27,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. McClarren Financial Advisors Inc. increased its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new stake in 3M in the second quarter worth about $28,000. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in 3M during the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC raised its position in shares of 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after buying an additional 110 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock opened at $133.07 on Friday. The stock’s fifty day simple moving average is $132.83 and its 200-day simple moving average is $116.09. The company has a market capitalization of $72.46 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 2.03 and a beta of 0.95. 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 has a 1-year low of $75.40 and a 1-year high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. On average, sell-side analysts predict that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued 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 of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of research firms recently commented on MMM. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays upped their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Finally, Citigroup lifted 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 analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $139.27.

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.