3M (NYSE:MMM) Shares Sold by Smithfield Trust Co

Smithfield Trust Co trimmed its holdings in shares of 3M (NYSE:MMM) by 1.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,582 shares of the conglomerate’s stock after selling 189 shares during the period. Smithfield Trust Co’s holdings in 3M were worth $1,585,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. MFA Wealth Advisors LLC acquired a new stake in shares of 3M in the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC increased its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the period. Meeder Asset Management Inc. increased its stake in 3M by 689.7% during 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. Finally, TruNorth Capital Management LLC acquired a new position in 3M during the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Bank of America raised their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their target price 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. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays raised their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada raised their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

NYSE MMM opened at $127.83 on Thursday. The company has a 50 day simple moving average of $132.75 and a 200-day simple moving average of $118.67. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market capitalization of $69.61 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

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 business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.68 earnings per share. Equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is presently 35.35%.

3M Company 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.