3M (NYSE:MMM) Shares Acquired by Park Avenue Securities LLC

Park Avenue Securities LLC increased its stake in shares of 3M (NYSE:MMM) by 164.4% in the 4th quarter, Holdings Channel reports. The firm owned 16,356 shares of the conglomerate’s stock after purchasing an additional 10,169 shares during the period. Park Avenue Securities LLC’s holdings in 3M were worth $2,111,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMM. D.A. Davidson & CO. raised its holdings in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares during the last quarter. Franklin Resources Inc. raised its stake in 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Ballentine Partners LLC lifted its holdings in 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC boosted its stake in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Finally, Clifford Capital Partners LLC grew its holdings in shares of 3M by 21.3% during the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock worth $17,490,000 after buying an additional 30,009 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 1.3 %

NYSE MMM opened at $141.02 on Friday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $76.80 billion, a P/E ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The firm’s 50-day moving average is $131.11 and its two-hundred day moving average is $127.28. 3M has a 12 month low of $75.40 and a 12 month high of $141.66.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’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 EPS. On average, sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of several research reports. Bank of America raised their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their target price on shares of 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Wednesday. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Barclays reduced their price objective on 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.13.

About 3M

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.