3M (NYSE:MMM) Stock Position Raised by Proffitt & Goodson Inc.

Proffitt & Goodson Inc. lifted its stake in shares of 3M (NYSE:MMM) by 3.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,842 shares of the conglomerate’s stock after purchasing an additional 262 shares during the period. Proffitt & Goodson Inc.’s holdings in 3M were worth $1,072,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. MFA Wealth Advisors LLC purchased a new position in shares of 3M in the second quarter worth approximately $28,000. 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 valued at $31,000 after acquiring an additional 269 shares during the period. TruNorth Capital Management LLC purchased a new stake in shares of 3M in the 2nd quarter valued at approximately $33,000. Finally, Gradient Investments LLC boosted its stake in 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.0 %

Shares of NYSE:MMM opened at $134.34 on Monday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $73.16 billion, a PE ratio of 16.96, a P/E/G ratio of 2.22 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a fifty day moving average price of $132.82 and a 200 day moving average price of $116.67.

3M (NYSE:MMM) last released its quarterly earnings results 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the company posted $2.68 EPS. The firm’s revenue was down 24.3% on a year-over-year basis. Analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is 35.35%.

Analyst Ratings Changes

A number of research firms have recently issued reports on MMM. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Barclays increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lifted their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $139.27.

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.