Simmons Bank Takes $263,000 Position in 3M (NYSE:MMM)

Simmons Bank bought a new position in 3M (NYSE:MMM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,921 shares of the conglomerate’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. MFA Wealth Advisors LLC purchased a new position in shares of 3M in the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC raised its holdings in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. lifted its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

MMM stock opened at $132.32 on Friday. The stock’s 50 day simple moving average is $132.76 and its 200 day simple moving average is $117.50. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market cap of $72.06 billion, a P/E ratio of 16.71, a P/E/G ratio of 2.16 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last issued its 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 analysts’ expectations of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.12%. 3M’s payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MMM shares. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a report on Wednesday. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Mizuho boosted their target price 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, Citigroup raised their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.