Kestra Investment Management LLC Makes New $1.40 Million Investment in 3M (NYSE:MMM)

Kestra Investment Management LLC acquired a new stake in 3M (NYSE:MMM) during the third quarter, Holdings Channel reports. The institutional investor acquired 10,261 shares of the conglomerate’s stock, valued at approximately $1,403,000.

Other institutional investors have also made changes to their positions in the company. FMR LLC lifted its position in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its holdings in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC acquired a new position in 3M during the second quarter valued at approximately $76,732,000. Jennison Associates LLC bought a new position in 3M in the third quarter valued at approximately $82,208,000. Finally, Bank of New York Mellon Corp raised its stake in shares of 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

MMM stock opened at $133.53 on Friday. The company’s 50-day moving average price is $132.39 and its two-hundred day moving average price is $120.30. The firm has a market cap of $72.72 billion, a P/E ratio of 16.86, a P/E/G ratio of 2.21 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. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $6.06 billion. During the same period last year, the firm posted $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, analysts anticipate that 3M will post 7.27 earnings per share 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 $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada upped their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two investment 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

About 3M

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.