Virtue Capital Management LLC Grows Stock Position in 3M (NYSE:MMM)

Virtue Capital Management LLC raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 216.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,996 shares of the conglomerate's stock after acquiring an additional 5,472 shares during the quarter. Virtue Capital Management LLC's holdings in 3M were worth $1,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Toronto Dominion Bank lifted its position in 3M by 5.8% during the third quarter. Toronto Dominion Bank now owns 274,976 shares of the conglomerate's stock valued at $37,589,000 after purchasing an additional 15,112 shares during the last quarter. Financial Avengers Inc. purchased a new position in shares of 3M in the 3rd quarter worth about $132,000. Coldstream Capital Management Inc. increased its position in shares of 3M by 7.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,142 shares of the conglomerate's stock valued at $1,520,000 after purchasing an additional 774 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of 3M by 61.8% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 657 shares of the conglomerate's stock valued at $90,000 after buying an additional 251 shares in the last quarter. Finally, MML Investors Services LLC raised its stake in shares of 3M by 3.9% during the third quarter. MML Investors Services LLC now owns 91,019 shares of the conglomerate's stock worth $12,442,000 after acquiring an additional 3,436 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

3M Stock Performance

3M stock remained flat at $129.77 during mid-day trading on Wednesday. The company's stock had a trading volume of 3,879,170 shares, compared to its average volume of 4,705,354. 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 company has a 50 day simple moving average of $131.64 and a 200 day simple moving average of $121.86. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company has a market capitalization of $70.67 billion, a PE ratio of 16.43, a PEG ratio of 2.18 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates 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 revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.68 EPS. On average, equities research analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given 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 dividend payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MMM. Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Melius upgraded 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They set an "underweight" rating and a $125.00 target price on the stock. Two research 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.