Dakota Wealth Management Decreases Position in 3M (NYSE:MMM)

Dakota Wealth Management reduced its position in shares of 3M (NYSE:MMM) by 28.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,677 shares of the conglomerate’s stock after selling 6,862 shares during the period. Dakota Wealth Management’s holdings in 3M were worth $2,416,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MMM. Assenagon Asset Management S.A. increased its position in shares of 3M by 8.9% during the third quarter. Assenagon Asset Management S.A. now owns 22,465 shares of the conglomerate’s stock worth $3,071,000 after purchasing an additional 1,844 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in 3M by 1.0% during the 3rd quarter. IFM Investors Pty Ltd now owns 113,557 shares of the conglomerate’s stock worth $15,523,000 after purchasing an additional 1,154 shares during the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of 3M during the third quarter worth $815,000. Grimes & Company Inc. raised its position in shares of 3M by 3.2% in the third quarter. Grimes & Company Inc. now owns 9,023 shares of the conglomerate’s stock valued at $1,233,000 after buying an additional 276 shares during the last quarter. Finally, Cherry Creek Investment Advisors Inc. lifted its stake in shares of 3M by 1.5% in the third quarter. Cherry Creek Investment Advisors Inc. now owns 10,636 shares of the conglomerate’s stock worth $1,454,000 after buying an additional 157 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $124.75 on Friday. The firm has a 50-day simple moving average of $133.00 and a two-hundred day simple moving average of $114.03. 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 1-year low of $72.47 and a 1-year high of $141.34. The stock has a market cap of $68.53 billion, a PE ratio of 15.75, a P/E/G ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last released 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 company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the firm earned $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several brokerages recently issued reports on MMM. Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $135.67.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.