Kerusso Capital Management LLC Buys 1,387 Shares of 3M (NYSE:MMM)

Kerusso Capital Management LLC increased its stake in shares of 3M (NYSE:MMM) by 6.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,961 shares of the conglomerate’s stock after acquiring an additional 1,387 shares during the period. 3M accounts for 2.0% of Kerusso Capital Management LLC’s holdings, making the stock its 19th largest position. Kerusso Capital Management LLC’s holdings in 3M were worth $3,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of MMM. MFA Wealth Advisors LLC acquired a new stake in shares of 3M in the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC grew its stake in 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 buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its holdings 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 buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in shares of 3M in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM traded up $1.27 during midday trading on Friday, hitting $134.34. The stock had a trading volume of 3,466,066 shares, compared to its average volume of 4,182,127. The company’s 50-day moving average price is $132.82 and its 200-day moving average price is $116.50. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $73.16 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $6.06 billion. During the same period in the prior year, the company earned $2.68 earnings per share. The company’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities research analysts predict 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. Stockholders of record on Friday, November 15th will be issued 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 dividend yield of 2.08%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research analyst reports. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Royal Bank of Canada raised their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on shares of 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. upped their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.