Belmont Capital LLC Sells 2,586 Shares of 3M (NYSE:MMM)

Belmont Capital LLC lowered its holdings in shares of 3M (NYSE:MMM) by 25.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,544 shares of the conglomerate’s stock after selling 2,586 shares during the quarter. Belmont Capital LLC’s holdings in 3M were worth $1,031,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. Bank of New York Mellon Corp grew its position in 3M by 11.8% in 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 in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of 3M by 2.0% in 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 period. AQR Capital Management LLC increased its position 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 valued at $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in 3M by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after buying an additional 11,315 shares during the last quarter. Finally, Capital World Investors purchased a new position in 3M during the first quarter worth $165,986,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 0.3 %

MMM opened at $130.17 on Tuesday. The firm 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 stock has a fifty day moving average price of $132.84 and a 200-day moving average price of $118.39. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. 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 (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the firm earned $2.68 EPS. The business’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, July 30th. Finally, Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus 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.