Rockland Trust Co. Sells 320 Shares of 3M (NYSE:MMM)

Rockland Trust Co. cut its holdings in 3M (NYSE:MMM) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,751 shares of the conglomerate’s stock after selling 320 shares during the quarter. Rockland Trust Co.’s holdings in 3M were worth $1,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its holdings in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC bought a new position in 3M in the 2nd quarter worth $76,732,000. Jennison Associates LLC purchased a new stake in shares of 3M in the 3rd quarter worth about $82,208,000. Finally, Parsifal Capital Management LP boosted its stake in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the topic of several research reports. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reduced their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company increased their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.33.

3M Stock Up 2.0 %

MMM opened at $137.35 on Wednesday. The stock has a market capitalization of $74.80 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.15 and a beta of 0.95. The firm has a 50 day moving average price of $130.90 and a 200-day moving average price of $127.12. 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.

3M (NYSE:MMM) last announced 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. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.68 EPS. Equities research analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is 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.