CWA Asset Management Group LLC Invests $3.92 Million in 3M (NYSE:MMM)

CWA Asset Management Group LLC bought a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,639 shares of the conglomerate’s stock, valued at approximately $3,915,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. McClarren Financial Advisors Inc. increased its holdings in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter valued at $28,000. Meeder Asset Management Inc. lifted 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 buying an additional 269 shares during the period. TruNorth Capital Management LLC purchased a new position in shares of 3M in the 2nd quarter worth about $33,000. Finally, Gradient Investments LLC raised its holdings in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.0 %

3M stock opened at $134.34 on Friday. The stock has a market cap of $73.16 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.22 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 company’s 50-day moving average price is $132.82 and its two-hundred day moving average price is $116.50. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM) last posted its quarterly earnings data 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. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the firm posted $2.68 EPS. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared 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. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MMM. Barclays increased their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price objective on 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 upgraded 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $139.27.

3M 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.