Park Avenue Securities LLC Grows Stock Holdings in 3M (NYSE:MMM)

Park Avenue Securities LLC boosted its stake in shares of 3M (NYSE:MMM - Free Report) by 164.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,356 shares of the conglomerate's stock after purchasing an additional 10,169 shares during the period. Park Avenue Securities LLC's holdings in 3M were worth $2,111,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kathmere Capital Management LLC lifted its holdings in 3M by 3.5% in the fourth quarter. Kathmere Capital Management LLC now owns 5,797 shares of the conglomerate's stock valued at $748,000 after acquiring an additional 197 shares during the period. Assenagon Asset Management S.A. grew its position in shares of 3M by 78.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 40,029 shares of the conglomerate's stock worth $5,167,000 after purchasing an additional 17,564 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of 3M by 21.5% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 8,791 shares of the conglomerate's stock worth $1,135,000 after buying an additional 1,553 shares in the last quarter. Accurate Wealth Management LLC lifted its holdings in shares of 3M by 1.9% in the fourth quarter. Accurate Wealth Management LLC now owns 8,585 shares of the conglomerate's stock worth $1,127,000 after buying an additional 160 shares in the last quarter. Finally, Wynn Capital LLC grew its stake in 3M by 0.7% during the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate's stock valued at $1,509,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Price Performance

NYSE MMM traded up $1.84 during trading hours on Friday, hitting $141.02. 5,717,193 shares of the company's stock traded hands, compared to its average volume of 2,528,391. The company has a market capitalization of $76.80 billion, a PE ratio of 17.81, a PEG ratio of 2.01 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 has a 52-week low of $75.40 and a 52-week high of $141.66. The firm's 50-day moving average is $131.24 and its 200-day moving average is $127.56.

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

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Friday, November 15th. 3M's dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Royal Bank of Canada dropped their price target on 3M from $100.00 to $96.00 and set an "underperform" rating for the company in a research note on Friday, January 3rd. UBS Group raised 3M from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Melius raised shares of 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Finally, Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, 3M currently has an average rating of "Moderate Buy" and an average target price of $144.13.

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.