Tompkins Financial Corp Sells 816 Shares of 3M (NYSE:MMM)

Tompkins Financial Corp lowered its holdings in 3M (NYSE:MMM) by 15.5% in the third quarter, HoldingsChannel.com reports. The firm owned 4,462 shares of the conglomerate’s stock after selling 816 shares during the quarter. Tompkins Financial Corp’s holdings in 3M were worth $610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MMM. LSV Asset Management lifted its position in 3M by 25.3% during the first quarter. LSV Asset Management now owns 12,400 shares of the conglomerate’s stock worth $1,315,000 after purchasing an additional 2,500 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of 3M by 17.1% in the 1st quarter. Illinois Municipal Retirement Fund now owns 114,707 shares of the conglomerate’s stock valued at $12,167,000 after purchasing an additional 16,722 shares in the last quarter. TCI Wealth Advisors Inc. increased its stake in shares of 3M by 1.1% in the 1st quarter. TCI Wealth Advisors Inc. now owns 12,251 shares of the conglomerate’s stock valued at $1,300,000 after purchasing an additional 139 shares during the last quarter. Atomi Financial Group Inc. raised its holdings in shares of 3M by 72.1% during the 1st quarter. Atomi Financial Group Inc. now owns 5,338 shares of the conglomerate’s stock worth $566,000 after buying an additional 2,236 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in shares of 3M by 28.7% during the 1st quarter. Concurrent Investment Advisors LLC now owns 23,859 shares of the conglomerate’s stock worth $2,531,000 after buying an additional 5,327 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Trading Up 1.0 %

Shares of MMM stock traded up $1.27 during mid-day trading on Friday, hitting $134.34. The company’s stock had a trading volume of 3,466,066 shares, compared to its average volume of 4,182,127. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. 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 company’s fifty day simple moving average is $132.82 and its 200-day simple moving average is $116.50. The company has a market cap of $73.16 billion, a PE ratio of 16.96, a P/E/G ratio of 2.22 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.68 EPS. As a group, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is 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%.

Analyst Upgrades and Downgrades

MMM has been the subject of several research analyst reports. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $139.27.

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.