Townsquare Capital LLC Trims Stock Holdings in 3M (NYSE:MMM)

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

A number of other institutional investors have also made changes to their positions in the stock. McClarren Financial Advisors Inc. increased its holdings 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. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the 2nd quarter valued at $28,000. Meeder Asset Management Inc. raised its holdings in shares of 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 during the period. TruNorth Capital Management LLC purchased a new position in 3M during the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC boosted its holdings in 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.8 %

MMM stock opened at $133.53 on Monday. The company has a market cap 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 fifty day moving average price of $132.39 and a 200 day moving average price of $120.43. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business 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 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 earnings per share. Sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. Barclays increased their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Mizuho raised 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. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada boosted their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $144.87.

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.