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

OneAscent Financial Services LLC cut its holdings in 3M (NYSE:MMM) by 10.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,273 shares of the conglomerate’s stock after selling 386 shares during the quarter. OneAscent Financial Services LLC’s holdings in 3M were worth $447,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new stake in shares of 3M during the 1st quarter worth approximately $1,990,000. UniSuper Management Pty Ltd boosted its stake in shares of 3M by 262.5% during the first quarter. UniSuper Management Pty Ltd now owns 17,190 shares of the conglomerate’s stock valued at $1,823,000 after purchasing an additional 12,448 shares in the last quarter. Bessemer Group Inc. raised its position in shares of 3M by 52.5% during the first quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock worth $2,725,000 after acquiring an additional 8,849 shares during the last quarter. Lake Street Advisors Group LLC bought a new stake in 3M in the first quarter worth approximately $273,000. Finally, Leelyn Smith LLC increased its holdings in 3M by 5.1% in the first quarter. Leelyn Smith LLC now owns 19,887 shares of the conglomerate’s stock worth $2,109,000 after purchasing an additional 960 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM opened at $130.17 on Tuesday. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. 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 company has a 50 day moving average of $132.84 and a 200-day moving average of $118.39. The stock has a market capitalization of $70.89 billion, a P/E ratio of 16.44, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data 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 firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the business posted $2.68 earnings per share. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities research analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

Several research firms have weighed in on MMM. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. UBS Group raised 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, Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.