Peterson Financial Group Inc. Acquires Shares of 1,007 3M (NYSE:MMM)

Peterson Financial Group Inc. purchased a new stake in 3M (NYSE:MMM) in the 3rd quarter, Holdings Channel reports. The fund purchased 1,007 shares of the conglomerate’s stock, valued at approximately $138,000.

Several other hedge funds have also modified their holdings of the business. Tower Bridge Advisors acquired a new stake in shares of 3M in the 3rd quarter valued at approximately $422,000. Seizert Capital Partners LLC lifted its holdings in shares of 3M by 2.2% in the 3rd quarter. Seizert Capital Partners LLC now owns 14,587 shares of the conglomerate’s stock valued at $1,994,000 after buying an additional 311 shares during the period. Heritage Investment Group Inc. acquired a new position in 3M during the third quarter worth $234,000. RIA Advisory Group LLC acquired a new position in 3M during the third quarter worth $1,662,000. Finally, Natixis Advisors LLC raised its holdings in 3M by 44.8% during the third quarter. Natixis Advisors LLC now owns 154,449 shares of the conglomerate’s stock worth $21,113,000 after purchasing an additional 47,817 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Price Performance

Shares of NYSE:MMM opened at $129.79 on Friday. The company has a market cap of $70.68 billion, a P/E ratio of 16.39, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The business has a fifty day simple moving average of $132.80 and a 200-day simple moving average of $118.01.

3M (NYSE:MMM) last announced 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 the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.68 earnings per share. Equities research analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently disclosed 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 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of several research reports. 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. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday. Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus 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.