Shoker Investment Counsel Inc. Trims Stock Position in 3M (NYSE:MMM)

by · The Cerbat Gem

Shoker Investment Counsel Inc. reduced its position in 3M (NYSE:MMM – Free Report) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,935 shares of the conglomerate’s stock after selling 641 shares during the quarter. Shoker Investment Counsel Inc.’s holdings in 3M were worth $2,589,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. McClarren Financial Advisors Inc. lifted its stake in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in 3M in the second quarter worth about $28,000. Meeder Asset Management Inc. lifted its position 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 buying an additional 269 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of 3M in the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC increased its position in shares of 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 1.0 %

NYSE MMM opened at $134.34 on Friday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $73.16 billion, a P/E ratio of 16.96, a PEG ratio of 2.22 and a beta of 0.95. The firm’s 50-day moving average is $132.82 and its two-hundred day moving average is $116.50. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

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

3M Announces Dividend

The company also recently disclosed 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $139.27.

Get Our Latest Analysis on 3M

About 3M

(Free Report)

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.

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