Canton Hathaway LLC Acquires 1,000 Shares of 3M (NYSE:MMM)

by · The Markets Daily

Canton Hathaway LLC raised its stake in shares of 3M (NYSE:MMM – Free Report) by 85.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,175 shares of the conglomerate’s stock after acquiring an additional 1,000 shares during the period. Canton Hathaway LLC’s holdings in 3M were worth $297,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter worth approximately $28,000. Daymark Wealth Partners LLC lifted its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. Finally, TruNorth Capital Management LLC purchased a new stake in 3M during the second quarter valued at $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.5 %

NYSE MMM opened at $129.09 on Monday. 3M has a 12 month low of $75.40 and a 12 month 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 stock has a market cap of $70.30 billion, a PE ratio of 16.21, a P/E/G ratio of 2.12 and a beta of 0.95. The stock’s 50 day moving average is $132.56 and its 200 day moving average is $119.28.

3M (NYSE:MMM – Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.68 earnings per share. Research analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.17%. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of recent research reports. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Citigroup boosted their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. 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. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average target price of $144.87.

Get Our Latest Analysis on 3M

3M 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.

Featured Stories

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M (NYSE:MMM – Free Report).