GSA Capital Partners LLP Raises Stock Holdings in 3M (NYSE:MMM)

GSA Capital Partners LLP grew its stake in 3M (NYSE:MMM) by 550.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,691 shares of the conglomerate’s stock after buying an additional 19,202 shares during the period. GSA Capital Partners LLP’s holdings in 3M were worth $3,102,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the second quarter worth about $28,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its position in shares of 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 purchasing an additional 121 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M during the second quarter worth about $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

NYSE:MMM opened at $133.00 on Tuesday. The firm has a market capitalization of $72.43 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.22 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The business has a 50 day simple moving average of $132.82 and a 200-day simple moving average of $116.84. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company earned $2.68 EPS. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several analysts recently issued reports on MMM shares. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Mizuho raised their price target 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. raised their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $139.27.

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.