KBC Group NV Sells 39,095 Shares of 3M (NYSE:MMM)

KBC Group NV reduced its stake in shares of 3M (NYSE:MMM) by 19.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 166,400 shares of the conglomerate’s stock after selling 39,095 shares during the quarter. KBC Group NV’s holdings in 3M were worth $22,747,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter worth $28,000. Daymark Wealth Partners LLC lifted its holdings 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 in the last quarter. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% in 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. boosted its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the 2nd quarter valued at $33,000. 65.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

MMM has been the topic of several recent research reports. Royal Bank of Canada increased their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Performance

MMM opened at $129.76 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a 50 day moving average of $132.78 and a two-hundred day moving average of $117.60. The firm has a market capitalization of $70.66 billion, a PE ratio of 16.54, a P/E/G ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 earnings per share. On average, analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s dividend 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.