Poplar Forest Capital LLC Sells 1,390 Shares of 3M (NYSE:MMM)

Poplar Forest Capital LLC lowered its stake in shares of 3M (NYSE:MMMFree Report) by 10.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,720 shares of the conglomerate’s stock after selling 1,390 shares during the period. Poplar Forest Capital LLC’s holdings in 3M were worth $1,602,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC boosted its position in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its stake in 3M by 118.6% during the third 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. raised its position in shares of 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 in the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the second quarter worth about $33,000. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

Shares of MMM opened at $133.92 on Thursday. The business’s 50 day moving average price is $132.83 and its 200-day moving average price is $116.09. The stock has a market cap of $72.93 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.03 and a beta of 0.95. 3M has a 52 week low of $75.40 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:MMMGet Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the company earned $2.68 earnings per share. The company’s revenue was down 24.3% on a year-over-year basis. Equities research analysts anticipate that 3M will post 7.28 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 issued a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.09%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research reports. Barclays raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $139.27.

Read Our Latest Stock Analysis on MMM

3M Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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