Dakota Wealth Management Trims Stake in 3M (NYSE:MMM)

Dakota Wealth Management decreased its position in shares of 3M (NYSE:MMM) by 28.0% during the third quarter, according to its most recent 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 quarter. Dakota Wealth Management’s holdings in 3M were worth $2,416,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Capital World Investors bought a new position in 3M during the 1st quarter worth about $165,986,000. International Assets Investment Management LLC boosted its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. National Bank of Canada FI increased its holdings in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after buying an additional 1,021,440 shares during the period. Janus Henderson Group PLC increased its holdings in 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after buying an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new position in 3M in the second quarter worth approximately $76,732,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Transactions at 3M

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Royal Bank of Canada increased their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $135.67.

3M Trading Down 1.4 %

Shares of NYSE:MMM opened at $124.75 on Friday. The business has a 50-day moving average price of $133.00 and a 200-day moving average price of $114.03. The stock has a market cap of $68.53 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 2.42 and a beta of 0.95. 3M has a 52-week low of $72.47 and a 52-week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.68 EPS. Equities analysts predict that 3M will post 7.26 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.24%. 3M’s dividend payout ratio (DPR) 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.