Planning Capital Management Corp Sells 27,137 Shares of 3M (NYSE:MMM)

Planning Capital Management Corp trimmed its stake in shares of 3M (NYSE:MMM) by 86.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 4,169 shares of the conglomerate’s stock after selling 27,137 shares during the quarter. Planning Capital Management Corp’s holdings in 3M were worth $570,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Sei Investments Co. lifted its position in shares of 3M by 13.2% during the 1st quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate’s stock worth $16,420,000 after buying an additional 18,054 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in 3M by 0.8% in the 1st quarter. Russell Investments Group Ltd. now owns 262,119 shares of the conglomerate’s stock worth $27,719,000 after purchasing an additional 2,050 shares in the last quarter. GM Advisory Group LLC increased its holdings in 3M by 3.4% in the 1st quarter. GM Advisory Group LLC now owns 6,014 shares of the conglomerate’s stock worth $638,000 after purchasing an additional 200 shares in the last quarter. M&G Plc acquired a new position in 3M in the 1st quarter worth about $15,855,000. Finally, Poehling Capital Management INC. increased its holdings in 3M by 6.6% in the 1st quarter. Poehling Capital Management INC. now owns 69,623 shares of the conglomerate’s stock worth $7,385,000 after purchasing an additional 4,330 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 0.8 %

NYSE MMM opened at $131.45 on Thursday. The business has a 50 day simple moving average of $132.76 and a 200 day simple moving average of $117.50. 3M has a one year low of $75.40 and a one year high of $141.34. The stock has a market capitalization of $71.58 billion, a P/E ratio of 16.60, a P/E/G ratio of 2.16 and a beta of 0.95. 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 (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 earnings per share. The company’s quarterly revenue was down 24.3% on a year-over-year basis. Research analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $130.00 to $184.00 in a research note on Wednesday. Two 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

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.