Horizon Kinetics Asset Management LLC Raises Position in 3M (NYSE:MMM)

Horizon Kinetics Asset Management LLC lifted its stake in shares of 3M (NYSE:MMM) by 60.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,575 shares of the conglomerate’s stock after buying an additional 3,625 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in 3M were worth $1,309,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC increased its stake in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. Electron Capital Partners LLC bought a new stake in 3M during the second quarter worth $76,732,000. Jennison Associates LLC purchased a new position in 3M in the third quarter worth $82,208,000. Finally, Bank of New York Mellon Corp grew its stake in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MMM shares. Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Up 1.5 %

MMM stock opened at $130.30 on Tuesday. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a market capitalization of $70.96 billion, a PE ratio of 16.45, a PEG ratio of 2.12 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a 50-day simple moving average of $132.48 and a two-hundred day simple moving average of $119.51.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the firm posted $2.68 EPS. 3M’s revenue was down 24.3% on a year-over-year basis. On average, equities analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors 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 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is 35.35%.

3M Company 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.