Secure Asset Management LLC Invests $212,000 in 3M (NYSE:MMM)

Secure Asset Management LLC acquired a new stake in 3M (NYSE:MMM) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,642 shares of the conglomerate’s stock, valued at approximately $212,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of 3M by 1.1% in the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after purchasing an additional 302,900 shares in the last quarter. FMR LLC increased its holdings in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 3M by 1.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after buying an additional 43,942 shares in the last quarter. National Pension Service lifted its holdings in 3M by 14.5% during the third quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after buying an additional 161,036 shares during the period. Finally, International Assets Investment Management LLC boosted its position in 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after acquiring an additional 1,250,491 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Tuesday, October 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Wednesday. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America raised their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, 3M has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Down 0.0 %

Shares of MMM stock opened at $149.61 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08. The firm has a market capitalization of $81.47 billion, a PE ratio of 19.82, a P/E/G ratio of 2.46 and a beta of 0.95. The stock’s 50-day simple moving average is $132.83 and its 200-day simple moving average is $129.15.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. Equities analysts expect that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 37.09%.

3M 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.