WESPAC Advisors LLC Purchases 91 Shares of 3M (NYSE:MMM)

WESPAC Advisors LLC lifted its position in shares of 3M (NYSE:MMM) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,263 shares of the conglomerate’s stock after purchasing an additional 91 shares during the period. WESPAC Advisors LLC’s holdings in 3M were worth $583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Gamco Investors INC. ET AL lifted its holdings in shares of 3M by 11.2% during the first quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock worth $991,000 after purchasing an additional 941 shares during the period. Gabelli Funds LLC boosted its holdings in 3M by 20.3% in the first quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock valued at $236,000 after acquiring an additional 375 shares during the last quarter. Lazard Asset Management LLC increased its position in 3M by 1.2% during the 1st quarter. Lazard Asset Management LLC now owns 264,767 shares of the conglomerate’s stock valued at $28,083,000 after purchasing an additional 3,147 shares during the period. Mount Yale Investment Advisors LLC raised its holdings in 3M by 9.0% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 8,448 shares of the conglomerate’s stock worth $896,000 after purchasing an additional 700 shares during the last quarter. Finally, Kodai Capital Management LP lifted its position in shares of 3M by 387.5% in the 1st quarter. Kodai Capital Management LP now owns 343,692 shares of the conglomerate’s stock worth $36,455,000 after purchasing an additional 273,189 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Up 0.9 %

3M stock opened at $128.42 on Friday. The firm has a market capitalization of $69.93 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. The firm’s fifty day moving average price is $132.56 and its two-hundred day moving average price is $119.11. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. 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 (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.06 billion. During the same period in the previous year, the company posted $2.68 EPS. The company’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, equities research analysts predict that 3M will post 7.27 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. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of several recent analyst reports. Royal Bank of Canada increased their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.