Parsons Capital Management Inc. RI Purchases 68 Shares of 3M (NYSE:MMM)

Parsons Capital Management Inc. RI lifted its position in shares of 3M (NYSE:MMM) by 0.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 503,452 shares of the conglomerate’s stock after buying an additional 68 shares during the period. 3M makes up approximately 3.5% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 4th largest position. Parsons Capital Management Inc. RI owned about 0.09% of 3M worth $64,991,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MMM. D.A. Davidson & CO. increased its position 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. boosted its position in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Meyer Handelman Co. raised its position in 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares during the period. Ballentine Partners LLC lifted its stake in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC boosted its position in shares of 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.0 %

Shares of 3M stock opened at $149.61 on Monday. The company’s fifty day moving average is $132.83 and its two-hundred day moving average is $129.55. 3M has a 1 year low of $75.40 and a 1 year high of $152.08. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $81.47 billion, a P/E ratio of 19.82, a PEG ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. Analysts forecast that 3M will post 7.66 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.87%. 3M’s dividend payout ratio is currently 37.09%.

Analysts Set New Price Targets

MMM has been the topic of several research reports. JPMorgan Chase & Co. increased their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

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.