Concurrent Investment Advisors LLC Sells 2,299 Shares of 3M (NYSE:MMM)

Concurrent Investment Advisors LLC lessened its holdings in shares of 3M (NYSE:MMM) by 7.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 29,803 shares of the conglomerate’s stock after selling 2,299 shares during the period. Concurrent Investment Advisors LLC’s holdings in 3M were worth $4,074,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Ballast Advisors LLC increased its holdings in 3M by 6.1% in the third quarter. Ballast Advisors LLC now owns 6,960 shares of the conglomerate’s stock valued at $951,000 after purchasing an additional 398 shares during the last quarter. Radnor Capital Management LLC boosted its stake in 3M by 21.2% during the 3rd quarter. Radnor Capital Management LLC now owns 43,585 shares of the conglomerate’s stock worth $5,958,000 after acquiring an additional 7,625 shares during the last quarter. Catalina Capital Group LLC bought a new position in 3M during the 3rd quarter worth approximately $250,000. Hixon Zuercher LLC bought a new stake in 3M in the third quarter valued at approximately $246,000. Finally, QRG Capital Management Inc. boosted its position in shares of 3M by 1.4% during the third quarter. QRG Capital Management Inc. now owns 14,319 shares of the conglomerate’s stock worth $1,957,000 after purchasing an additional 199 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on MMM shares. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Barclays increased their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $139.27.

3M Trading Up 5.8 %

3M stock opened at $133.92 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 stock has a 50-day simple moving average of $132.83 and a 200 day simple moving average of $116.09. The stock has a market capitalization of $72.93 billion, a P/E ratio of 16.91, a PEG ratio of 2.03 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 posted its earnings results 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the firm earned $2.68 EPS. The firm’s revenue was down 24.3% compared to the same quarter last year. Analysts expect that 3M will post 7.28 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

3M 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.