Prestige Wealth Management Group LLC Grows Stake in 3M (NYSE:MMM)

Prestige Wealth Management Group LLC increased its holdings in shares of 3M (NYSE:MMM) by 61.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 657 shares of the conglomerate’s stock after purchasing an additional 251 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in 3M were worth $90,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. FSA Wealth Management LLC bought a new position in 3M during the third quarter valued at approximately $27,000. MFA Wealth Advisors LLC bought a new position in 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its stake in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. boosted its stake in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 1.3 %

Shares of NYSE:MMM opened at $129.77 on Wednesday. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The business’s fifty day simple moving average is $131.78 and its 200-day simple moving average is $121.65. The company has a market capitalization of $70.67 billion, a PE ratio of 16.39, a P/E/G ratio of 2.18 and a beta of 0.95. 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 announced its quarterly earnings results 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 return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 EPS. The business’s revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. Royal Bank of Canada increased their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two research 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. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price 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.