Planning Capital Management Corp Decreases Stock Holdings in 3M (NYSE:MMM)

Planning Capital Management Corp trimmed its holdings in shares of 3M (NYSE:MMM) by 86.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,169 shares of the conglomerate’s stock after selling 27,137 shares during the quarter. Planning Capital Management Corp’s holdings in 3M were worth $570,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter worth $28,000. Daymark Wealth Partners LLC increased its position in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its position in 3M by 118.6% in 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 last quarter. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M in the second quarter valued at $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 0.8 %

Shares of MMM stock opened at $131.45 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a 50-day moving average price of $132.76 and a two-hundred day moving average price of $117.50. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market cap of $71.58 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last released 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 company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 EPS. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.27 EPS for the current fiscal 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MMM. Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $130.00 to $184.00 in a research note on Wednesday. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Company 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.