NavPoint Financial Inc. Sells 445 Shares of 3M (NYSE:MMM)

NavPoint Financial Inc. decreased its holdings in 3M (NYSE:MMM) by 6.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,740 shares of the conglomerate’s stock after selling 445 shares during the quarter. 3M accounts for about 0.7% of NavPoint Financial Inc.’s investment portfolio, making the stock its 29th largest position. NavPoint Financial Inc.’s holdings in 3M were worth $921,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Ballentine Partners LLC grew its stake in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares during the period. Stonegate Investment Group LLC lifted its position in shares of 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. grew its position in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares in the last quarter. Candriam S.C.A. raised its stake in 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after purchasing an additional 6,185 shares during the period. Finally, True Vision MN LLC purchased a new position in 3M in the 2nd quarter worth approximately $512,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 0.6 %

Shares of MMM opened at $133.07 on Friday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a fifty day moving average price of $132.83 and a 200-day moving average price of $116.09. The firm has a market capitalization of $72.46 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.03 and a beta of 0.95. 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 (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the company posted $2.68 EPS. 3M’s revenue was down 24.3% on a year-over-year basis. Equities research analysts expect that 3M will post 7.28 earnings per share for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MMM shares. Mizuho lifted their price objective 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. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and a consensus target price of $139.27.

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.