Altman Advisors Inc. Has $2.25 Million Stake in 3M (NYSE:MMM)

by · The Markets Daily

Altman Advisors Inc. lifted its holdings in 3M (NYSE:MMM – Free Report) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,468 shares of the conglomerate’s stock after acquiring an additional 191 shares during the quarter. 3M makes up approximately 1.0% of Altman Advisors Inc.’s holdings, making the stock its 24th largest holding. Altman Advisors Inc.’s holdings in 3M were worth $2,251,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of MMM. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC boosted its holdings 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 buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. increased its position in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of 3M by 689.7% during 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 bought a new stake in 3M in the 2nd quarter valued at $33,000. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MMM shares. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley initiated coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Barclays upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Two 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.87.

View Our Latest Report on MMM

3M Price Performance

NYSE:MMM opened at $127.98 on Wednesday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The stock has a fifty day moving average of $132.80 and a 200 day moving average of $118.61. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a market capitalization of $69.69 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) 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 analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.68 earnings per share. On average, research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.19%. 3M’s dividend payout ratio is presently 35.35%.

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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