RIA Advisory Group LLC Makes New Investment in 3M (NYSE:MMM)

RIA Advisory Group LLC purchased a new position in 3M (NYSE:MMM - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,155 shares of the conglomerate's stock, valued at approximately $1,662,000. 3M comprises 0.6% of RIA Advisory Group LLC's holdings, making the stock its 29th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CVA Family Office LLC grew its stake in shares of 3M by 1.9% during the third 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. grew 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 buying an additional 81 shares during the last quarter. Fortis Capital Advisors LLC grew its stake in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC grew its stake in 3M by 0.5% in the third 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 stake in 3M by 1.3% in the third 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.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. UBS Group raised 3M from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday. Mizuho increased their price objective on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Royal Bank of Canada increased their price objective on 3M from $99.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 23rd. Argus raised 3M from a "hold" rating to a "buy" rating and set a $145.00 price objective on the stock in a research note on Tuesday, July 30th. Finally, Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $144.87.

3M Stock Down 1.4 %

Shares of MMM traded down $1.82 during midday trading on Friday, hitting $129.79. 1,929,226 shares of the company's stock traded hands, compared to its average volume of 4,844,047. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm's fifty day moving average is $132.80 and its 200-day moving average is $117.87. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 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 firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 EPS. The business's revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, sell-side analysts anticipate 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. Investors 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 dividend on an annualized basis and a yield of 2.16%. 3M's dividend payout ratio (DPR) is 35.35%.

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.