CreativeOne Wealth LLC Increases Stake in 3M (NYSE:MMM)

CreativeOne Wealth LLC raised its stake in 3M (NYSE:MMM - Free Report) by 52.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,433 shares of the conglomerate's stock after acquiring an additional 4,605 shares during the quarter. CreativeOne Wealth LLC's holdings in 3M were worth $1,836,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. FMR LLC lifted its holdings in 3M by 88.7% during the 3rd 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 last quarter. Bank of New York Mellon Corp grew its position in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock worth $506,135,000 after purchasing an additional 97,340 shares during the period. AQR Capital Management LLC raised its position in shares of 3M by 18.6% in the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after buying an additional 396,773 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of 3M by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate's stock valued at $198,298,000 after buying an additional 11,315 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.8 %

3M stock traded up $1.05 during trading on Friday, hitting $133.53. 1,618,282 shares of the company were exchanged, compared to its average volume of 4,762,183. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The business's 50 day moving average is $132.39 and its 200 day moving average is $120.16. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a market capitalization of $72.72 billion, a P/E ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping 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 business had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the previous year, the company earned $2.68 earnings per share. The firm's revenue for the quarter was down 24.3% compared to the same quarter last year. Analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M's payout ratio is 35.35%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MMM. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and raised their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target 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. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an "underweight" rating and a $125.00 target price on the stock. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company raised their price target on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.