3M (NYSE:MMM) Shares Acquired by Taurus Asset Management LLC

Taurus Asset Management LLC boosted its position in shares of 3M (NYSE:MMM) by 0.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,658 shares of the conglomerate’s stock after buying an additional 495 shares during the period. 3M accounts for about 1.8% of Taurus Asset Management LLC’s portfolio, making the stock its 25th largest holding. Taurus Asset Management LLC’s holdings in 3M were worth $18,408,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

MMM has been the topic of several recent research reports. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Citigroup lifted their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Down 1.9 %

Shares of MMM stock opened at $129.79 on Monday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock’s 50 day simple moving average is $132.80 and its 200 day simple moving average is $118.15. The company has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.15 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34.

3M (NYSE:MMM) last issued 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 firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.68 EPS. As a group, research analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.16%. 3M’s dividend payout ratio is 35.35%.

3M Company 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.