Braun Stacey Associates Inc. Purchases New Holdings in 3M (NYSE:MMM)

Braun Stacey Associates Inc. purchased a new stake in 3M (NYSE:MMM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 120,393 shares of the conglomerate’s stock, valued at approximately $16,458,000.

Several other institutional investors have also made changes to their positions in the stock. Taurus Asset Management LLC boosted its stake in shares of 3M by 0.4% in the third quarter. Taurus Asset Management LLC now owns 134,658 shares of the conglomerate’s stock valued at $18,408,000 after buying an additional 495 shares during the period. TrinityPoint Wealth LLC raised its position in 3M by 2.1% during the third quarter. TrinityPoint Wealth LLC now owns 15,074 shares of the conglomerate’s stock valued at $2,061,000 after purchasing an additional 317 shares in the last quarter. Thrivent Financial for Lutherans raised its position in 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock valued at $8,751,000 after purchasing an additional 3,404 shares in the last quarter. Peterson Financial Group Inc. acquired a new position in 3M during the third quarter valued at approximately $138,000. Finally, Tower Bridge Advisors acquired a new position in 3M during the third quarter valued at approximately $422,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Performance

NYSE MMM opened at $129.79 on Monday. 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. The stock has a fifty day simple moving average of $132.80 and a 200 day simple moving average of $118.15. 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 (NYSE:MMM) last issued its quarterly earnings results 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 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 business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.68 earnings per share. Sell-side analysts expect 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 given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective 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. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company upped their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.