3M (NYSE:MMM) Position Raised by Ritholtz Wealth Management

Ritholtz Wealth Management raised its stake in shares of 3M (NYSE:MMM - Free Report) by 27.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,689 shares of the conglomerate's stock after buying an additional 2,061 shares during the quarter. Ritholtz Wealth Management's holdings in 3M were worth $1,251,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate's stock worth $8,396,000 after acquiring an additional 650 shares during the period. Wealth Alliance grew its position in shares of 3M by 18.2% in the second quarter. Wealth Alliance now owns 2,600 shares of the conglomerate's stock valued at $266,000 after purchasing an additional 401 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in 3M by 29.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 69,283 shares of the conglomerate's stock valued at $7,080,000 after purchasing an additional 15,939 shares during the last quarter. Blair William & Co. IL lifted its position in 3M by 4.2% during the second quarter. Blair William & Co. IL now owns 85,724 shares of the conglomerate's stock worth $8,760,000 after buying an additional 3,481 shares during the period. Finally, Intech Investment Management LLC boosted its stake in 3M by 17.6% in the 2nd quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate's stock worth $3,552,000 after buying an additional 5,205 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Up 1.3 %

NYSE MMM traded up $1.84 on Friday, reaching $141.02. The company had a trading volume of 5,717,193 shares, compared to its average volume of 2,528,391. 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 1 year low of $75.40 and a 1 year high of $141.66. The firm has a 50-day moving average of $131.24 and a 200-day moving average of $127.74. The firm has a market capitalization of $76.80 billion, a PE ratio of 17.81, a P/E/G ratio of 2.01 and a beta of 0.95.

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

3M Announces Dividend

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

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of 3M in a report on Saturday. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Melius raised 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $144.13.

About 3M

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.