Simplify Asset Management Inc. Raises Stake in 3M (NYSE:MMM)

Simplify Asset Management Inc. lifted its stake in shares of 3M (NYSE:MMM - Free Report) by 13.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 39,434 shares of the conglomerate's stock after acquiring an additional 4,583 shares during the quarter. Simplify Asset Management Inc.'s holdings in 3M were worth $5,391,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Ballentine Partners LLC boosted its stake in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock valued at $2,490,000 after purchasing an additional 5,210 shares during the period. Stonegate Investment Group LLC boosted its position in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after buying an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. boosted its position in 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate's stock valued at $408,000 after buying an additional 249 shares during the last quarter. Candriam S.C.A. boosted its position in shares of 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate's stock worth $3,931,000 after purchasing an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new position in shares of 3M in the 2nd quarter worth $512,000. Institutional investors own 65.25% of the company's stock.

3M Stock Down 1.4 %

MMM traded down $1.85 during midday trading on Friday, reaching $129.76. The company's stock had a trading volume of 1,928,804 shares, compared to its average volume of 4,844,047. The stock's 50-day moving average is $132.78 and its 200-day moving average is $117.60. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. 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 firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 2.17 and a beta of 0.95.

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, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for 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 company's quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm earned $2.68 earnings per share. As a group, research analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. 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 payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MMM. Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Barclays raised their price objective on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Finally, Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.