Hodges Capital Management Inc. Acquires 6,910 Shares of 3M (NYSE:MMM)

Hodges Capital Management Inc. boosted its position in 3M (NYSE:MMM - Free Report) by 64.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,614 shares of the conglomerate's stock after acquiring an additional 6,910 shares during the quarter. Hodges Capital Management Inc.'s holdings in 3M were worth $2,408,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. FSA Wealth Management LLC purchased a new position in shares of 3M during the third quarter worth approximately $27,000. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock worth $30,000 after purchasing an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter worth $28,000. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, True Wealth Design LLC lifted its holdings in shares of 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock worth $42,000 after purchasing an additional 296 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

Shares of 3M stock traded down $1.62 during midday trading on Monday, hitting $131.49. 3,166,004 shares of the company were exchanged, compared to its average volume of 4,715,082. 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 firm has a market cap of $71.60 billion, a P/E ratio of 16.60, a PEG ratio of 2.20 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a 50 day simple moving average of $131.78 and a 200-day simple moving average of $121.65.

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, 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 firm had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period last year, the firm posted $2.68 EPS. The business's revenue was down 24.3% on a year-over-year basis. Research analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company 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 $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. 3M's dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MMM shares. Royal Bank of Canada lifted their price objective on 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 23rd. Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and lifted their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Finally, Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.