3M Company $MMM Stock Sold by DMKC Advisory Services LLC

Key Points

• DMKC Advisory Services cut its 3M stake by 15.1% in the third quarter, selling 5,836 shares; it held 32,865 shares valued at $5.4 million at quarter-end.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $190.07; ratings ranged from Strong Buy to Sell.
• 3M beat quarterly EPS expectations with $2.50 per share, while revenue rose 1.5% year over year. The company also authorized a $6 billion share buyback and announced a quarterly dividend of $0.78 per share.

DMKC Advisory Services LLC lowered its position in 3M Company (NYSE:MMM - Free Report) by 15.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,865 shares of the conglomerate's stock after selling 5,836 shares during the period. 3M comprises approximately 1.3% of DMKC Advisory Services LLC's investment portfolio, making the stock its 19th biggest position. DMKC Advisory Services LLC's holdings in 3M were worth $5,395,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Engineers Gate Manager LP increased its stake in shares of 3M by 74.0% in the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate's stock valued at $46,574,000 after purchasing an additional 122,368 shares in the last quarter. North Star Asset Management Inc. acquired a new position in 3M in the 2nd quarter worth about $1,424,000. B.A. Schrock Wealth Management Inc. purchased a new position in 3M during the third quarter worth approximately $1,770,000. Moore Capital Management LP purchased a new position in 3M during the second quarter worth approximately $7,948,000. Finally, Amundi boosted its position in 3M by 67.0% during the second quarter. Amundi now owns 4,536,148 shares of the conglomerate's stock worth $734,448,000 after purchasing an additional 1,819,178 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on MMM shares. The Goldman Sachs Group raised their price objective on 3M from $200.00 to $225.00 and gave the company a "buy" rating in a report on Thursday, November 5th. UBS Group set a $230.00 target price on 3M in a research note on Wednesday, November 4th. Mizuho increased their target price on 3M from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Raymond James Financial reissued a "market perform" rating on shares of 3M in a research note on Wednesday, October 21st. Finally, Royal Bank Of Canada boosted their price target on shares of 3M from $132.00 to $135.00 and gave the stock an "underperform" rating in a report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $190.07.

3M Stock Up 1.9%

MMM opened at $188.60 on Tuesday. 3M Company has a twelve month low of $139.34 and a twelve month high of $196.90. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The company has a 50-day moving average price of $169.25 and a 200 day moving average price of $161.96. The company has a market cap of $97.45 billion, a PE ratio of 28.11, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company had revenue of $6.60 billion for the quarter, compared to analysts' expectations of $6.61 billion. During the same period in the previous year, the firm posted $2.19 EPS. 3M's revenue was up 1.5% compared to the same quarter last year. Sell-side analysts expect that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 13th. 3M's dividend payout ratio (DPR) is 46.50%.

3M declared that its board has authorized a stock buyback program on Wednesday, November 4th that allows the company to buy back $6 billion in shares. This repurchase authorization allows the conglomerate to buy up to 6.6% of its shares through open market purchases. Share repurchase programs are often an indication that the company's management believes its stock is undervalued.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.

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