3M (NYSE:MMM) Shares Acquired by Prospera Financial Services Inc

Prospera Financial Services Inc lifted its stake in shares of 3M (NYSE:MMM) by 11.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,882 shares of the conglomerate’s stock after purchasing an additional 1,182 shares during the quarter. Prospera Financial Services Inc’s holdings in 3M were worth $1,625,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. increased its stake in shares of 3M by 52.5% during the first quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock worth $2,725,000 after acquiring an additional 8,849 shares during the period. Lake Street Advisors Group LLC acquired a new position in 3M during the 1st quarter worth approximately $273,000. Shell Asset Management Co. purchased a new position in shares of 3M during the 1st quarter worth approximately $517,000. CreativeOne Wealth LLC raised its stake in shares of 3M by 51.6% during the 1st quarter. CreativeOne Wealth LLC now owns 7,544 shares of the conglomerate’s stock worth $800,000 after buying an additional 2,567 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its holdings in shares of 3M by 25.9% in the 1st quarter. EP Wealth Advisors LLC now owns 14,344 shares of the conglomerate’s stock valued at $1,521,000 after buying an additional 2,953 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MMM. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Trading Down 0.4 %

Shares of MMM opened at $127.32 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a market capitalization of $69.33 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The stock has a fifty day moving average of $132.66 and a two-hundred day moving average of $118.73. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for 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 firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.68 earnings per share. As a group, analysts forecast that 3M will post 7.27 EPS for the current 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) 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.