Oppenheimer & Co. Inc. Sells 1,069 Shares of 3M (NYSE:MMM)

Oppenheimer & Co. Inc. lowered its holdings in shares of 3M (NYSE:MMM) by 3.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 33,444 shares of the conglomerate’s stock after selling 1,069 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $4,572,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MMM. Ballentine Partners LLC increased its holdings in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC raised its position in shares of 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. Ausdal Financial Partners Inc. boosted its holdings in shares of 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares during the period. Candriam S.C.A. grew its stake in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new position in 3M in the 2nd quarter valued at about $512,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $132.32 on Friday. The firm’s 50 day simple moving average is $132.76 and its 200 day simple moving average is $117.50. The firm has a market capitalization of $72.06 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 2.17 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last issued 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 firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the business posted $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. As a group, research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MMM shares. Royal Bank of Canada boosted their price objective on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Citigroup increased their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.