Crystal Rock Capital Management Invests $1.39 Million in 3M (NYSE:MMM)

Crystal Rock Capital Management acquired a new position in 3M (NYSE:MMM - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 10,150 shares of the conglomerate's stock, valued at approximately $1,388,000. 3M makes up about 0.8% of Crystal Rock Capital Management's holdings, making the stock its 24th largest holding.

Other large investors have also modified their holdings of the company. CVA Family Office LLC boosted its stake in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock valued at $571,000 after buying an additional 79 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock valued at $1,443,000 after acquiring an additional 81 shares during the period. Fortis Capital Advisors LLC grew its position in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock worth $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC grew its position in 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock worth $2,213,000 after purchasing an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its position in 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock worth $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

3M stock traded down $3.05 during trading hours on Tuesday, hitting $129.95. The company had a trading volume of 1,880,778 shares, compared to its average volume of 4,873,180. 3M has a one year low of $75.40 and a one year high of $141.34. The firm has a 50-day moving average of $132.79 and a 200 day moving average of $117.13. The firm has a market cap of $70.77 billion, a PE ratio of 16.79, a PEG ratio of 2.22 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last released its earnings results 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 net margin of 15.37% and a return on equity of 104.66%. The firm 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 company's quarterly revenue was down 24.3% on a year-over-year basis. On average, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M's dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MMM. Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a "hold" rating to a "buy" rating and increased their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Bank of America lifted their price objective 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $139.27.

About 3M

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.