Relyea Zuckerberg Hanson LLC lifted its holdings in 3M (NYSE:MMM - Free Report) by 131.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,498 shares of the conglomerate's stock after acquiring an additional 2,551 shares during the period. Relyea Zuckerberg Hanson LLC's holdings in 3M were worth $581,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC increased its stake in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC grew its holdings in shares of 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC purchased a new position in 3M in the 2nd quarter worth about $76,732,000. Jennison Associates LLC bought a new stake in 3M during the 3rd quarter valued at about $82,208,000. Finally, Parsifal Capital Management LP grew its stake in 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock worth $112,107,000 after acquiring an additional 526,194 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped 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. Bank of America raised their target price on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Barclays lowered their price target on shares of 3M from $165.00 to $161.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Two investment 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $144.13.
Check Out Our Latest Stock Analysis on MMM
3M Stock Performance
Shares of NYSE MMM traded up $1.84 during mid-day trading on Friday, hitting $141.02. The stock had a trading volume of 5,717,193 shares, compared to its average volume of 2,528,391. The company has a 50 day moving average of $131.24 and a two-hundred day moving average of $127.56. 3M has a twelve month low of $75.40 and a twelve month high of $141.66. 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 firm has a market cap of $76.80 billion, a PE ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. The company's revenue was down 24.3% on a year-over-year basis. Research analysts predict that 3M will post 7.27 EPS for the current fiscal year.
3M Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.99%. 3M's payout ratio is currently 35.35%.
3M Company Profile
(
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.
See Also
Before you consider 3M, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and 3M wasn't on the list.
While 3M currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
