Douglas Lane & Associates LLC Has $390,000 Position in 3M (NYSE:MMM)

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

A number of other hedge funds also recently modified their holdings of MMM. FSA Wealth Management LLC acquired a new position in 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC raised its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew 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 buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its holdings 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. Finally, True Wealth Design LLC increased its position in 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 296 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 1.2 %

MMM opened at $134.34 on Thursday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company has a market cap of $73.16 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.15 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. The company has a 50 day moving average of $130.32 and a 200 day moving average of $126.05.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 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 firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company earned $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, sell-side analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MMM. Barclays decreased their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reduced their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.33.

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.