Archer Investment Corp Has $54,000 Stock Holdings in 3M (NYSE:MMM)

Archer Investment Corp cut its holdings in 3M (NYSE:MMM) by 84.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 396 shares of the conglomerate’s stock after selling 2,198 shares during the period. Archer Investment Corp’s holdings in 3M were worth $54,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew 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 purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. increased its position in 3M by 689.7% in the 2nd 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 period. Finally, TruNorth Capital Management LLC acquired a new stake in 3M in the second quarter valued at $33,000. 65.25% of the stock is owned by institutional investors.

3M Trading Down 1.4 %

Shares of 3M stock opened at $129.76 on Friday. The company’s 50-day moving average price is $132.80 and its 200-day moving average price is $117.87. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market cap of $70.66 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results 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 net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the firm earned $2.68 EPS. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, equities analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMM. JPMorgan Chase & Co. boosted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Morgan Stanley initiated coverage on 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 upped 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. Finally, Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.87.

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.