Mizuho Securities USA LLC Cuts Position in 3M (NYSE:MMM)

Mizuho Securities USA LLC decreased its stake in 3M (NYSE:MMM) by 16.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,623 shares of the conglomerate’s stock after selling 7,041 shares during the quarter. Mizuho Securities USA LLC’s holdings in 3M were worth $4,870,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MFA Wealth Advisors LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC boosted its position in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. Meeder Asset Management Inc. raised its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Trading Down 0.4 %

3M stock opened at $127.32 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market cap of $69.33 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The firm’s 50 day moving average price is $132.66 and its two-hundred day moving average price is $118.73.

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

3M Announces Dividend

The company 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.