3M (NYSE:MMM) Stock Position Lowered by Commerce Bank

Commerce Bank decreased its holdings in 3M (NYSE:MMM) by 1.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 61,373 shares of the conglomerate’s stock after selling 949 shares during the quarter. Commerce Bank’s holdings in 3M were worth $8,390,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. CVA Family Office LLC grew its stake in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares in the last quarter. Harbour Investments Inc. grew its position in 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares in the last quarter. Fortis Capital Advisors LLC increased its stake in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after buying an additional 84 shares during the period. KMG Fiduciary Partners LLC increased its stake in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. boosted its stake in shares of 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after buying an additional 84 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

3M stock opened at $127.32 on Friday. The firm has a market capitalization of $69.33 billion, a P/E ratio of 16.08, a PEG ratio of 2.12 and a beta of 0.95. The business has a 50-day moving average of $132.66 and a 200-day moving average of $118.73. 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 has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during 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 firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. On average, equities analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently declared 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. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is 35.35%.

Analysts Set New Price Targets

Several brokerages have weighed in on MMM. Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. 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 research note on Monday, October 7th. Royal Bank of Canada boosted their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $144.87.

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.