Edgestream Partners L.P. Has $5.71 Million Stock Position in 3M (NYSE:MMM)

Edgestream Partners L.P. grew its position in 3M (NYSE:MMM - Free Report) by 39.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,789 shares of the conglomerate's stock after buying an additional 11,792 shares during the quarter. Edgestream Partners L.P.'s holdings in 3M were worth $5,713,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in MMM. FMR LLC grew its position 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 in the last quarter. Bank of New York Mellon Corp raised its position in 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate's stock valued at $517,617,000 after buying an additional 533,520 shares during the period. Pacer Advisors Inc. lifted its stake in 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate's stock worth $506,135,000 after acquiring an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 3M by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate's stock worth $521,596,000 after acquiring an additional 43,942 shares during the period. Finally, AQR Capital Management LLC grew its stake in 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate's stock valued at $258,686,000 after acquiring an additional 396,773 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

The firm has a market cap of $72.71 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.21 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 quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a 50-day moving average price of $132.39 and a two-hundred day moving average price of $120.43.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 earnings per share. The firm's revenue was down 24.3% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group raised shares of 3M from a "neutral" rating to a "buy" rating and increased their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price 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. Wells Fargo & Company upped their price target on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Royal Bank of Canada lifted their price objective on 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, October 23rd. Finally, Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $144.87.

3M Company 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.