Ascent Group LLC Buys 232 Shares of 3M (NYSE:MMM)

Ascent Group LLC increased its stake in shares of 3M (NYSE:MMM) by 7.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,176 shares of the conglomerate’s stock after purchasing an additional 232 shares during the quarter. Ascent Group LLC’s holdings in 3M were worth $434,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. CVA Family Office LLC increased its position in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. increased its position in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares during the last quarter. Fortis Capital Advisors LLC increased its position in shares of 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC increased its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its position in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after acquiring an additional 84 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.5 %

Shares of NYSE MMM opened at $130.45 on Thursday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $71.04 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The business has a fifty day moving average price of $132.09 and a 200 day moving average price of $120.88.

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

3M Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Wall Street Analyst Weigh In

Several equities analysts have commented on MMM shares. Wells Fargo & Company upped their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Mizuho upped their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Bank of America upped their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.