3M (NYSE:MMM) Stake Reduced by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its position in 3M (NYSE:MMM) by 97.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,348 shares of the conglomerate’s stock after selling 107,159 shares during the period. Oppenheimer Asset Management Inc.’s holdings in 3M were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. increased its position in 3M by 52.5% in the 1st quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock valued at $2,725,000 after acquiring an additional 8,849 shares during the period. Lake Street Advisors Group LLC acquired a new stake in 3M in the first quarter worth about $273,000. Shell Asset Management Co. bought a new position in 3M in the 1st quarter valued at about $517,000. CreativeOne Wealth LLC increased its stake in 3M by 51.6% during the 1st quarter. CreativeOne Wealth LLC now owns 7,544 shares of the conglomerate’s stock valued at $800,000 after buying an additional 2,567 shares during the period. Finally, EP Wealth Advisors LLC raised its position in shares of 3M by 25.9% during the 1st quarter. EP Wealth Advisors LLC now owns 14,344 shares of the conglomerate’s stock worth $1,521,000 after buying an additional 2,953 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research analyst reports. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Tuesday, July 30th. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Citigroup increased their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two investment 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

MMM stock opened at $127.83 on Thursday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm’s fifty day moving average is $132.75 and its 200 day moving average is $118.67. The firm has a market cap of $69.61 billion, a P/E ratio of 16.14, a P/E/G ratio of 2.15 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 yield of 2.19%. 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.