FSA Wealth Management LLC Purchases New Position in 3M (NYSE:MMM)

FSA Wealth Management LLC purchased a new stake in 3M (NYSE:MMM) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 200 shares of the conglomerate’s stock, valued at approximately $27,000.

Several other large investors have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of 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 purchasing an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC acquired a new stake in shares of 3M in the second quarter valued at $76,732,000. Jennison Associates LLC bought a new position in shares of 3M in the third quarter valued at about $82,208,000. Finally, Bank of New York Mellon Corp grew its holdings in 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 acquiring an additional 533,520 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Up 0.8 %

Shares of NYSE MMM opened at $133.53 on Monday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. 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 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 firm has a 50 day moving average price of $132.39 and a 200 day moving average price of $120.43.

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 the consensus estimate of $1.93 by $0.05. The company 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 firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.68 EPS. Analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research analyst reports. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Royal Bank of Canada increased their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Barclays raised their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average 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.