3M (NYSE:MMM) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC decreased its holdings in shares of 3M (NYSE:MMM) by 66.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,328 shares of the conglomerate’s stock after selling 26,008 shares during the period. Townsquare Capital LLC’s holdings in 3M were worth $1,822,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cetera Advisors LLC boosted its position in shares of 3M by 202.8% during the 1st quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock worth $4,944,000 after purchasing an additional 31,221 shares in the last quarter. Fragasso Financial Advisors Inc lifted its position in shares of 3M by 4.2% during the 2nd quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock valued at $270,000 after acquiring an additional 106 shares during the period. Fulton Bank N.A. boosted its stake in shares of 3M by 20.6% during the 2nd quarter. Fulton Bank N.A. now owns 7,550 shares of the conglomerate’s stock worth $772,000 after acquiring an additional 1,292 shares in the last quarter. Park Avenue Securities LLC grew its holdings in shares of 3M by 25.5% in the 2nd quarter. Park Avenue Securities LLC now owns 5,391 shares of the conglomerate’s stock worth $551,000 after acquiring an additional 1,096 shares during the period. Finally, CWM LLC increased its stake in 3M by 13.1% in the 2nd quarter. CWM LLC now owns 40,490 shares of the conglomerate’s stock valued at $4,138,000 after purchasing an additional 4,701 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Mizuho boosted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Finally, Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Price Performance

MMM stock opened at $133.53 on Monday. The stock has a market capitalization of $72.72 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 2.21 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 52-week low of $75.40 and a 52-week high of $141.34. The stock’s fifty day simple moving average is $132.39 and its 200-day simple moving average is $120.43.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.68 EPS. Equities research analysts expect that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 3M’s dividend payout ratio 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.