White Knight Strategic Wealth Advisors LLC Sells 2,227 Shares of 3M (NYSE:MMM)

White Knight Strategic Wealth Advisors LLC reduced its holdings in 3M (NYSE:MMM) by 53.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,910 shares of the conglomerate’s stock after selling 2,227 shares during the quarter. White Knight Strategic Wealth Advisors LLC’s holdings in 3M were worth $261,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter valued at $28,000. Meeder Asset Management Inc. raised its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in shares of 3M during the 2nd quarter worth about $33,000. Finally, Gradient Investments LLC grew its stake in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after buying an additional 110 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.8 %

Shares of NYSE MMM opened at $133.53 on Friday. 3M has a one year low of $75.40 and a one year high of $141.34. The business’s fifty day moving average price is $132.39 and its 200-day moving average price is $120.16. The stock has a market capitalization of $72.71 billion, a PE ratio of 16.86, a P/E/G ratio of 2.19 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the firm posted $2.68 earnings per share. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, equities research analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

MMM has been the topic of several recent research reports. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus 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.