International Assets Investment Management LLC Sells 1,254,126 Shares of 3M (NYSE:MMM)

International Assets Investment Management LLC lessened its stake in 3M (NYSE:MMM) by 99.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,144 shares of the conglomerate’s stock after selling 1,254,126 shares during the quarter. International Assets Investment Management LLC’s holdings in 3M were worth $927,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. D.A. Davidson & CO. raised its position in shares of 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares during the period. Franklin Resources Inc. raised its holdings in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Ballentine Partners LLC boosted its position in shares of 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC grew its holdings in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after buying an additional 13,473 shares during the period. Finally, True Vision MN LLC bought a new stake in shares of 3M in the 2nd quarter valued at $512,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Barclays cut their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $144.33.

3M Stock Performance

Shares of NYSE MMM opened at $134.34 on Friday. The stock has a market capitalization 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. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a 50 day moving average price of $130.44 and a 200 day moving average price of $126.11. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business earned $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. Analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued 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 payout ratio is 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.