3M (NYSE:MMM) Shares Acquired by Leelyn Smith LLC

Leelyn Smith LLC lifted its position in shares of 3M (NYSE:MMM) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,513 shares of the conglomerate’s stock after buying an additional 277 shares during the period. Leelyn Smith LLC’s holdings in 3M were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in MMM. Shell Asset Management Co. acquired a new stake in shares of 3M during the 1st quarter worth approximately $517,000. Axxcess Wealth Management LLC boosted its position in shares of 3M by 23.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 6,324 shares of the conglomerate’s stock worth $671,000 after purchasing an additional 1,213 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of 3M by 336.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 455,421 shares of the conglomerate’s stock worth $48,307,000 after purchasing an additional 351,011 shares during the period. Gamco Investors INC. ET AL boosted its position in shares of 3M by 11.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock worth $991,000 after purchasing an additional 941 shares during the period. Finally, Gabelli Funds LLC boosted its position in shares of 3M by 20.3% during the 1st quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock worth $236,000 after purchasing an additional 375 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

3M stock opened at $128.43 on Friday. The stock has a market cap of $69.94 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. The company has a fifty day simple moving average of $132.56 and a 200-day simple moving average of $118.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the business earned $2.68 EPS. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. Equities analysts expect that 3M will post 7.27 EPS for the current fiscal 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 paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.18%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Finally, Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average target price 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.