Marks Group Wealth Management Inc Has $945,000 Stock Position in 3M (NYSE:MMM)

Marks Group Wealth Management Inc lowered its stake in shares of 3M (NYSE:MMM) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,913 shares of the conglomerate’s stock after selling 132 shares during the quarter. Marks Group Wealth Management Inc’s holdings in 3M were worth $945,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MMM. Hixon Zuercher LLC bought a new stake in shares of 3M during the third quarter valued at approximately $246,000. QRG Capital Management Inc. boosted its position in 3M by 1.4% in the 3rd quarter. QRG Capital Management Inc. now owns 14,319 shares of the conglomerate’s stock valued at $1,957,000 after buying an additional 199 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of 3M by 2.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 351,828 shares of the conglomerate’s stock valued at $48,095,000 after buying an additional 9,901 shares during the period. National Pension Service raised its position in shares of 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after acquiring an additional 161,036 shares during the last quarter. Finally, Roman Butler Fullerton & Co. acquired a new position in shares of 3M during the third quarter valued at $206,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 5.8 %

NYSE MMM opened at $133.92 on Thursday. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock’s 50 day moving average price is $132.83 and its two-hundred day moving average price is $116.09. The stock has a market capitalization of $72.93 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 2.03 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.68 earnings per share. As a group, analysts anticipate that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed 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 2.09%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research reports. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Wells Fargo & Company raised their price objective 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. Barclays upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded 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 report on Monday, July 29th. Finally, Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, 3M has an average rating of “Hold” and a consensus price target 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.