Advisory Alpha LLC Takes Position in 3M (NYSE:MMM)

Advisory Alpha LLC acquired a new stake in 3M (NYSE:MMM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,662 shares of the conglomerate’s stock, valued at approximately $215,000.

A number of other hedge funds have also modified their holdings of MMM. FMR LLC increased its holdings in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC raised its position in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC purchased a new position in 3M during the second quarter valued at approximately $76,732,000. Jennison Associates LLC purchased a new position in 3M during the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP raised its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

NYSE MMM opened at $149.64 on Friday. The stock’s fifty day moving average is $132.09 and its two-hundred day moving average is $128.67. The firm has a market capitalization of $81.49 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 97.19% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, research analysts anticipate that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. 3M’s dividend payout ratio is currently 37.09%.

Analysts Set New Price Targets

MMM has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $140.00 to $170.00 in a report on Wednesday. Finally, Citigroup raised their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Company 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.