Moors & Cabot Inc. Has $2.38 Million Stock Position in 3M (NYSE:MMM)

Moors & Cabot Inc. increased its stake in shares of 3M (NYSE:MMM) by 20.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,420 shares of the conglomerate’s stock after buying an additional 3,017 shares during the period. Moors & Cabot Inc.’s holdings in 3M were worth $2,381,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MMM. Bessemer Group Inc. lifted its position in 3M by 52.5% during the 1st quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock worth $2,725,000 after buying an additional 8,849 shares in the last quarter. Lake Street Advisors Group LLC acquired a new position in 3M during the 1st quarter valued at about $273,000. Shell Asset Management Co. acquired a new position in 3M during the 1st quarter valued at about $517,000. CreativeOne Wealth LLC lifted its position in 3M by 51.6% during the 1st quarter. CreativeOne Wealth LLC now owns 7,544 shares of the conglomerate’s stock valued at $800,000 after purchasing an additional 2,567 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in 3M by 25.9% during the 1st quarter. EP Wealth Advisors LLC now owns 14,344 shares of the conglomerate’s stock valued at $1,521,000 after purchasing an additional 2,953 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

NYSE:MMM opened at $127.83 on Thursday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. 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 firm has a fifty day simple moving average of $132.75 and a 200 day simple moving average of $118.67. The stock has a market capitalization of $69.61 billion, a PE ratio of 16.14, a P/E/G ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm posted $2.68 EPS. The company’s quarterly revenue was down 24.3% on a year-over-year basis. On average, research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 2.19%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. 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. JPMorgan Chase & Co. increased their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Citigroup increased their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” 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 issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.