Cypress Capital Group Purchases 1,979 Shares of 3M (NYSE:MMM)

Cypress Capital Group boosted its position in 3M (NYSE:MMM) by 3.8% during the third quarter, HoldingsChannel reports. The fund owned 53,560 shares of the conglomerate’s stock after buying an additional 1,979 shares during the quarter. Cypress Capital Group’s holdings in 3M were worth $7,322,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M in the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. raised its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. TruNorth Capital Management LLC bought a new stake in shares of 3M during the 2nd quarter worth $33,000. Finally, Gradient Investments LLC grew its position in 3M by 44.7% in the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after acquiring an additional 110 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the topic of several recent research reports. Royal Bank of Canada increased their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Finally, Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Two equities 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

3M Trading Down 0.3 %

NYSE:MMM opened at $127.83 on Thursday. The firm has a 50-day simple moving average of $132.75 and a 200-day simple moving average of $118.67. 3M has a one year low of $75.40 and a one year high of $141.34. The firm has a market cap of $69.61 billion, a P/E ratio of 16.14, a P/E/G ratio of 2.12 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 (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for 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%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 EPS. Equities analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. 3M’s dividend payout ratio (DPR) is 35.35%.

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.