3M Company $MMM Shares Sold by Lido Advisors LLC

Lido Advisors LLC lowered its stake in shares of 3M Company (NYSE:MMM) by 8.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,162 shares of the conglomerate’s stock after selling 3,662 shares during the period. Lido Advisors LLC’s holdings in 3M were worth $6,921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Security National Bank of SO Dak bought a new stake in shares of 3M in the 2nd quarter valued at about $32,000. DecisionPoint Financial LLC raised its position in shares of 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock valued at $32,000 after acquiring an additional 191 shares during the period. Trellis Wealth Advisors LLC bought a new position in 3M during the 3rd quarter worth approximately $33,000. Latitude Advisors LLC bought a new position in 3M during the 3rd quarter worth approximately $34,000. Finally, Compass Financial Management LLC acquired a new position in 3M during the second quarter valued at approximately $38,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 1.3%

NYSE MMM opened at $186.40 on Friday. 3M Company has a one year low of $139.34 and a one year high of $196.90. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06. The firm has a market cap of $96.32 billion, a P/E ratio of 21.29, a P/E/G ratio of 2.46 and a beta of 1.01. The stock’s 50-day moving average is $170.33 and its 200-day moving average is $162.37.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same period in the previous year, the firm earned $2.19 EPS. 3M’s quarterly revenue was up 1.5% compared to the same quarter last year. Sell-side analysts anticipate that 3M Company will post 9.14 earnings per share for the current fiscal year.

3M announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 4th that authorizes the company to repurchase $6 billion in outstanding shares. This buyback authorization authorizes the conglomerate to repurchase up to 6.6% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a yield of 1.7%. 3M’s payout ratio is presently 46.50%.

Analyst Ratings Changes

Several brokerages have commented on MMM. HSBC raised shares of 3M to a “strong-buy” rating in a research note on Thursday, October 22nd. Sanford C. Bernstein increased their target price on shares of 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Raymond James Financial reissued a “market perform” rating on shares of 3M in a research report on Wednesday, October 21st. Royal Bank Of Canada boosted their price target on shares of 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a report on Wednesday, October 21st. Finally, Deutsche Bank restated a “hold” rating on shares of 3M in a research report on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $190.07.

3M Company Profile

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. Paul, Minnesota.