Clarkston Capital Partners LLC Grows Stock Holdings in 3M (NYSE:MMM)

Clarkston Capital Partners LLC raised its stake in 3M (NYSE:MMM) by 0.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 140,534 shares of the conglomerate’s stock after buying an additional 185 shares during the quarter. Clarkston Capital Partners LLC’s holdings in 3M were worth $19,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. MFA Wealth Advisors LLC purchased a new position in shares of 3M in the second quarter valued at $28,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. raised its position in 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 acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M in the second quarter valued at about $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Citigroup increased their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

MMM stock opened at $129.79 on Monday. The company has a market cap of $70.68 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a 50-day moving average price of $132.80 and a two-hundred day moving average price of $118.15. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $6.06 billion. During the same period in the previous year, the company posted $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, research analysts predict that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s payout ratio is currently 35.35%.

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.