Douglas Lane & Associates LLC Sells 134 Shares of 3M (NYSE:MMM)

Douglas Lane & Associates LLC trimmed its position in 3M (NYSE:MMM) by 4.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,022 shares of the conglomerate’s stock after selling 134 shares during the period. Douglas Lane & Associates LLC’s holdings in 3M were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. FSA Wealth Management LLC purchased a new position in 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC increased its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. raised its stake 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 purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays reduced their price objective on 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.33.

3M Trading Up 1.2 %

Shares of NYSE MMM opened at $134.34 on Thursday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a market cap of $73.16 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.15 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The business has a 50 day simple moving average of $130.32 and a 200 day simple moving average of $126.05.

3M (NYSE:MMM) last released its 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 firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.68 EPS. On average, research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 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.