Beacon Investment Advisory Services Inc. Lowers Stock Position in 3M (NYSE:MMM)

Beacon Investment Advisory Services Inc. trimmed its holdings in 3M (NYSE:MMM) by 6.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,329 shares of the conglomerate’s stock after selling 163 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in 3M were worth $301,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. True North Advisors LLC raised its holdings in shares of 3M by 17.6% in the fourth quarter. True North Advisors LLC now owns 2,457 shares of the conglomerate’s stock valued at $317,000 after buying an additional 367 shares during the last quarter. Daymark Wealth Partners LLC raised its stake in 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares during the last quarter. Advisory Alpha LLC purchased a new stake in 3M during the 4th quarter valued at approximately $215,000. MBM Wealth Consultants LLC lifted its position in 3M by 7.1% during the 4th quarter. MBM Wealth Consultants LLC now owns 2,345 shares of the conglomerate’s stock worth $304,000 after acquiring an additional 156 shares during the period. Finally, Simon Quick Advisors LLC grew its stake in shares of 3M by 47.2% in the 4th quarter. Simon Quick Advisors LLC now owns 3,316 shares of the conglomerate’s stock valued at $428,000 after purchasing an additional 1,063 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on MMM shares. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Citigroup raised their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Barclays boosted their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

3M Trading Up 0.4 %

NYSE:MMM opened at $149.64 on Friday. The company has a market capitalization of $81.49 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. 3M has a 52-week low of $75.40 and a 52-week high of $152.08. The stock has a fifty day simple moving average of $132.09 and a 200-day simple moving average of $128.67. 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 results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 97.19%. The company’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.42 earnings per share. On average, equities research analysts expect that 3M will post 7.66 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 37.09%.

About 3M

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.