3M (NYSE:MMM) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its stake in shares of 3M (NYSE:MMM) by 310.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,552 shares of the conglomerate’s stock after purchasing an additional 4,954 shares during the period. Miracle Mile Advisors LLC’s holdings in 3M were worth $846,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its stake in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the period. ORG Partners LLC increased its position in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC raised its stake in shares of 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.6 %

Shares of 3M stock opened at $138.07 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a 50-day moving average price of $130.90 and a 200 day moving average price of $127.12. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a market cap of $75.19 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.68 EPS. On average, sell-side analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. Melius Research upgraded 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. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. lowered their price objective on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.13.

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.