Capital Advisors Inc. OK increased its stake in 3M Co (NYSE:MMM) by 22.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 126,257 shares of the conglomerate’s stock after purchasing an additional 23,152 shares during the period. Capital Advisors Inc. OK’s holdings in 3M were worth $19,696,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. AE Wealth Management LLC increased its holdings in 3M by 18.4% in the 2nd quarter. AE Wealth Management LLC now owns 37,832 shares of the conglomerate’s stock valued at $5,901,000 after purchasing an additional 5,887 shares during the last quarter. AXA boosted its position in 3M by 15.4% during the 1st quarter. AXA now owns 430,552 shares of the conglomerate’s stock worth $58,775,000 after acquiring an additional 57,498 shares during the last quarter. Mackenzie Financial Corp boosted its position in 3M by 875.7% during the 1st quarter. Mackenzie Financial Corp now owns 615,710 shares of the conglomerate’s stock worth $84,051,000 after acquiring an additional 552,603 shares during the last quarter. APG Asset Management N.V. boosted its position in 3M by 7.0% during the 1st quarter. APG Asset Management N.V. now owns 1,002,788 shares of the conglomerate’s stock worth $136,891,000 after acquiring an additional 65,483 shares during the last quarter. Finally, Mitchell Sinkler & Starr PA boosted its position in 3M by 8.9% during the 2nd quarter. Mitchell Sinkler & Starr PA now owns 12,226 shares of the conglomerate’s stock worth $1,907,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 64.57% of the company’s stock.
A number of research firms have weighed in on MMM. Barclays upped their price target on 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Credit Suisse Group cut their price objective on 3M from $180.00 to $179.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on 3M from $154.00 to $159.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Morgan Stanley increased their price objective on 3M from $160.00 to $166.00 and gave the company an “equal weight” rating in a report on Wednesday, July 29th. Finally, Royal Bank of Canada increased their price objective on 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. 3M has an average rating of “Hold” and a consensus target price of $164.85.
MMM stock traded down $1.89 on Tuesday, reaching $166.57. 2,056,159 shares of the company traded hands, compared to its average volume of 3,745,510. 3M Co has a one year low of $114.04 and a one year high of $182.54. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.94 and a quick ratio of 1.36. The company has a market cap of $97.04 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 2.12 and a beta of 0.97. The firm has a fifty day simple moving average of $161.78 and a 200-day simple moving average of $152.37.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.01. 3M had a return on equity of 46.86% and a net margin of 16.38%. The company had revenue of $7.18 billion during the quarter, compared to analyst estimates of $7.29 billion. During the same quarter last year, the company earned $2.20 EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, sell-side analysts forecast that 3M Co will post 8.25 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 12th. Investors of record on Monday, August 24th were given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Friday, August 21st. 3M’s dividend payout ratio (DPR) is presently 64.62%.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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