OneAscent Financial Services LLC Sells 386 Shares of 3M (NYSE:MMM)

OneAscent Financial Services LLC lessened its stake in 3M (NYSE:MMM) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,273 shares of the conglomerate’s stock after selling 386 shares during the period. OneAscent Financial Services LLC’s holdings in 3M were worth $447,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after acquiring an additional 533,520 shares during the period. Pacer Advisors Inc. increased its stake in shares of 3M by 2.0% during the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after purchasing an additional 97,340 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after purchasing an additional 11,315 shares during the last quarter. Finally, Capital World Investors bought a new stake in shares of 3M during the 1st quarter worth about $165,986,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Royal Bank of Canada boosted their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Finally, Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Price Performance

3M stock opened at $130.17 on Tuesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a 50 day moving average price of $132.84 and a 200 day moving average price of $118.39. The company has a market cap of $70.89 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95. 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 (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business 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 earnings per share. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Sell-side analysts predict that 3M will post 7.27 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. Investors of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M’s dividend payout ratio is presently 35.35%.

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.