CWA Asset Management Group LLC purchased a new position in shares of 3M (NYSE:MMM - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 28,639 shares of the conglomerate's stock, valued at approximately $3,915,000.
Other hedge funds also recently added to or reduced their stakes in the company. Ballentine Partners LLC grew its stake in shares of 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock valued at $2,490,000 after buying an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC grew its position in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after acquiring an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. increased its stake in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate's stock worth $408,000 after purchasing an additional 249 shares during the period. Candriam S.C.A. lifted its position in shares of 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate's stock worth $3,931,000 after purchasing an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new stake in shares of 3M during the second quarter worth $512,000. 65.25% of the stock is currently owned by institutional investors.
3M Stock Up 1.0 %
Shares of MMM stock traded up $1.27 during mid-day trading on Friday, hitting $134.34. 3,466,066 shares of the stock traded hands, compared to its average volume of 4,182,127. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The stock has a market cap of $73.16 billion, a P/E ratio of 16.96, a P/E/G 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. The stock's fifty day moving average is $132.82 and its two-hundred day moving average is $116.50.
3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 company had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same quarter in the prior year, the company posted $2.68 earnings per share. 3M's revenue for the quarter was down 24.3% compared to the same quarter last year. Equities analysts predict that 3M will post 7.27 EPS for the current year.
3M Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M's dividend payout ratio (DPR) is 35.35%.
Analyst Ratings Changes
MMM has been the topic of several recent analyst reports. Argus raised shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Finally, Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $139.27.
Read Our Latest Stock Analysis on MMM
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.
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