3M (NYSE:MMM) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can lifted its position in 3M (NYSE:MMM) by 39.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,099,794 shares of the conglomerate’s stock after purchasing an additional 308,912 shares during the period. Bank of Montreal Can owned about 0.20% of 3M worth $151,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC raised its position in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the period. Fortis Capital Advisors LLC raised its holdings in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC lifted its position in 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. boosted its holdings in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.5 %

NYSE MMM opened at $130.30 on Tuesday. The company has a 50-day moving average of $132.48 and a 200-day moving average of $119.51. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company has a market cap of $70.96 billion, a P/E ratio of 16.45, a P/E/G ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm posted $2.68 earnings per share. 3M’s revenue was down 24.3% on a year-over-year basis. As a group, equities analysts predict that 3M will post 7.27 earnings per share for the current 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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MMM. UBS Group raised 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Finally, Bank of America lifted their price target 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Profile

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.