Opinicus Capital Inc. Buys 318 Shares of 3M (NYSE:MMM)

Opinicus Capital Inc. lifted its holdings in shares of 3M (NYSE:MMM) by 8.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,078 shares of the conglomerate’s stock after purchasing an additional 318 shares during the period. Opinicus Capital Inc.’s holdings in 3M were worth $558,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Ballentine Partners LLC increased its holdings in 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC boosted its position in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after acquiring an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. boosted its position in shares of 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after acquiring an additional 249 shares during the last quarter. Candriam S.C.A. boosted its position in shares of 3M by 19.2% during the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new stake in shares of 3M during the 2nd quarter valued at about $512,000. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Citigroup boosted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $139.27.

3M Stock Performance

Shares of 3M stock traded up $0.01 during trading on Monday, hitting $134.35. 383,376 shares of the company’s stock traded hands, compared to its average volume of 4,871,274. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a market capitalization of $73.16 billion, a P/E ratio of 16.96, a PEG ratio of 2.22 and a beta of 0.95. The business has a 50-day simple moving average of $132.82 and a 200-day simple moving average of $116.84.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the firm posted $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s payout ratio is 35.35%.

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.