Etfidea LLC Takes Position in 3M (NYSE:MMM)

by · The Cerbat Gem

Etfidea LLC acquired a new position in 3M (NYSE:MMM – Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 1,530 shares of the conglomerate’s stock, valued at approximately $209,000.

A number of other large investors have also recently added to or reduced their stakes in MMM. MFA Wealth Advisors LLC acquired a new stake in shares of 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC lifted its position in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the last quarter. Meeder Asset Management Inc. increased its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in 3M in the 2nd quarter valued at about $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

NYSE:MMM opened at $128.18 on Wednesday. The firm’s fifty day simple moving average is $132.80 and its 200 day simple moving average is $118.61. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a market capitalization of $69.80 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 2.15 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 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.68 earnings per share. As a group, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MMM shares. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

Check Out Our Latest Research Report on MMM

3M Company Profile

(Free Report)

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.

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