Cadence Bank Sells 166 Shares of 3M (NYSE:MMM)

Cadence Bank trimmed its stake in 3M (NYSE:MMM) by 5.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,732 shares of the conglomerate’s stock after selling 166 shares during the quarter. Cadence Bank’s holdings in 3M were worth $373,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MMM. CVA Family Office LLC grew its position in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after buying an additional 81 shares during the last quarter. Fortis Capital Advisors LLC increased its position in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC raised its holdings in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. raised its holdings in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after acquiring an additional 84 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of 3M stock opened at $132.46 on Thursday. The stock has a market cap of $72.13 billion, a P/E ratio of 16.72, a P/E/G ratio of 2.16 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock’s fifty day moving average is $132.45 and its 200 day moving average is $119.84. 3M has a one year low of $75.40 and a one year high of $141.34.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate 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 company earned $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. 3M’s payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, Barclays lifted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.87.

About 3M

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.