3M (NYSE:MMM) Shares Acquired by D.A. Davidson & CO.

D.A. Davidson & CO. raised its holdings in 3M (NYSE:MMM) by 16.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 146,333 shares of the conglomerate’s stock after buying an additional 20,421 shares during the quarter. D.A. Davidson & CO.’s holdings in 3M were worth $20,004,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Ballentine Partners LLC raised its stake in 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC raised its stake in shares of 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. lifted its holdings in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares during the period. Candriam S.C.A. boosted its position in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after buying an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC acquired a new position in 3M in the 2nd quarter worth approximately $512,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $130.30 on Tuesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market capitalization of $70.96 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50 day simple moving average of $132.48 and a 200-day simple moving average of $119.51.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 earnings per share. Equities research analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MMM. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Barclays upped their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

About 3M

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.