Avestar Capital LLC Grows Stock Position in 3M (NYSE:MMM)

Avestar Capital LLC boosted its position in 3M (NYSE:MMM) by 10.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,787 shares of the conglomerate’s stock after buying an additional 254 shares during the period. Avestar Capital LLC’s holdings in 3M were worth $381,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. McClarren Financial Advisors Inc. increased its stake 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 acquiring an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M during the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new stake in shares of 3M in the 2nd quarter valued at approximately $33,000. Finally, Gradient Investments LLC boosted its stake in shares of 3M by 44.7% in the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after buying an additional 110 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada upped their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Two research 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. Based on data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Down 0.4 %

Shares of MMM stock opened at $132.46 on Thursday. 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 business’s fifty day moving average is $132.45 and its 200-day moving average is $119.84. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a market cap of $72.13 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95.

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

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 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.