DRW Securities LLC Buys New Position in 3M (NYSE:MMM)

DRW Securities LLC purchased a new position in 3M (NYSE:MMM) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,159 shares of the conglomerate’s stock, valued at approximately $569,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Independent Advisor Alliance lifted its holdings in shares of 3M by 43.8% during the 3rd quarter. Independent Advisor Alliance now owns 23,431 shares of the conglomerate’s stock worth $3,203,000 after acquiring an additional 7,140 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its stake in 3M by 45.9% during the third quarter. Harvest Fund Management Co. Ltd now owns 10,293 shares of the conglomerate’s stock worth $1,407,000 after purchasing an additional 3,236 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in 3M during the third quarter worth about $329,000. Douglass Winthrop Advisors LLC boosted its holdings in shares of 3M by 3.1% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 15,664 shares of the conglomerate’s stock worth $2,141,000 after purchasing an additional 475 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of 3M by 3.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 149,806 shares of the conglomerate’s stock valued at $20,479,000 after purchasing an additional 5,345 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MMM shares. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their price target 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. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

MMM opened at $132.95 on Wednesday. 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 stock has a market capitalization of $72.40 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The stock’s 50 day moving average price is $132.46 and its 200-day moving average price is $119.75. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping 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 company’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.68 EPS. On average, equities research analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. 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 2.11%. 3M’s dividend payout ratio (DPR) is 35.35%.

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.