Miracle Mile Advisors LLC boosted its holdings in shares of 3M (NYSE:MMM - Free Report) by 310.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,552 shares of the conglomerate's stock after acquiring an additional 4,954 shares during the period. Miracle Mile Advisors LLC's holdings in 3M were worth $846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in MMM. Northstar Advisory Group LLC increased its holdings in shares of 3M by 27.3% in the 4th quarter. Northstar Advisory Group LLC now owns 18,829 shares of the conglomerate's stock valued at $2,431,000 after acquiring an additional 4,036 shares during the period. Forza Wealth Management LLC boosted its position in 3M by 3.4% during the fourth quarter. Forza Wealth Management LLC now owns 5,347 shares of the conglomerate's stock valued at $690,000 after purchasing an additional 178 shares in the last quarter. Wedmont Private Capital grew its stake in 3M by 19.3% in the fourth quarter. Wedmont Private Capital now owns 2,951 shares of the conglomerate's stock valued at $387,000 after purchasing an additional 477 shares during the last quarter. Salem Investment Counselors Inc. raised its holdings in 3M by 2.5% in the fourth quarter. Salem Investment Counselors Inc. now owns 68,000 shares of the conglomerate's stock worth $8,778,000 after purchasing an additional 1,654 shares in the last quarter. Finally, Clark & Stuart Inc purchased a new stake in shares of 3M during the fourth quarter valued at about $9,553,000. Hedge funds and other institutional investors own 65.25% of the company's stock.
3M Stock Performance
Shares of MMM stock traded up $1.41 during trading hours on Thursday, hitting $139.19. The company's stock had a trading volume of 4,121,698 shares, compared to its average volume of 3,841,458. The stock has a market cap of $75.79 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 2.01 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a 50 day moving average of $130.99 and a 200 day moving average of $127.20. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.
3M (NYSE:MMM - Get Free Report) last posted 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 for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $2.68 earnings per share. On average, sell-side analysts forecast that 3M will post 7.27 EPS for the current fiscal year.
3M Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.01%. The ex-dividend date was Friday, November 15th. 3M's dividend payout ratio is currently 35.35%.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the stock. Mizuho lifted their price objective 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. JPMorgan Chase & Co. reduced their price target on 3M from $165.00 to $162.00 and set an "overweight" rating on the stock in a research report on Wednesday. Royal Bank of Canada lowered their price objective on 3M from $100.00 to $96.00 and set an "underperform" rating for the company in a research report on Friday, January 3rd. Melius raised 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $144.13.
Read Our Latest Analysis on MMM
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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