Deseret Mutual Benefit Administrators Buys 106 Shares of 3M (NYSE:MMM)

Deseret Mutual Benefit Administrators increased its stake in shares of 3M (NYSE:MMM) by 1.2% during the third quarter, HoldingsChannel.com reports. The firm owned 8,946 shares of the conglomerate’s stock after buying an additional 106 shares during the period. 3M accounts for 0.6% of Deseret Mutual Benefit Administrators’ portfolio, making the stock its 29th largest position. Deseret Mutual Benefit Administrators’ holdings in 3M were worth $1,223,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MMM. Capital World Investors purchased a new stake in shares of 3M in the first quarter worth about $165,986,000. International Assets Investment Management LLC lifted its stake in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. National Bank of Canada FI boosted its holdings in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock valued at $147,344,000 after purchasing an additional 1,021,440 shares during the period. Janus Henderson Group PLC grew its position in shares of 3M by 1,015.6% during the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Finally, Electron Capital Partners LLC bought a new position in shares of 3M in the second quarter worth $76,732,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MMM shares. Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $139.27.

3M Stock Performance

NYSE MMM opened at $133.43 on Thursday. The company has a 50-day simple moving average of $132.83 and a two-hundred day simple moving average of $116.09. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market cap of $72.66 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 2.03 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s quarterly revenue 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, equities analysts forecast that 3M will post 7.28 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is 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.