3M (NYSE:MMM) Stake Boosted by Summit Trail Advisors LLC

Summit Trail Advisors LLC raised its position in shares of 3M (NYSE:MMM) by 30.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,271 shares of the conglomerate’s stock after buying an additional 987 shares during the quarter. Summit Trail Advisors LLC’s holdings in 3M were worth $584,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in 3M by 11,601.2% in the 3rd 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 period. Electron Capital Partners LLC purchased a new stake in shares of 3M in the second quarter valued at $76,732,000. Jennison Associates LLC acquired a new stake in shares of 3M in the third quarter worth $82,208,000. Bank of New York Mellon Corp grew its holdings in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after buying an additional 396,773 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MMM. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Royal Bank of Canada boosted their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Performance

Shares of NYSE MMM opened at $132.95 on Wednesday. The business’s 50-day simple moving average is $132.46 and its 200-day simple moving average is $119.75. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market cap of $72.40 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for 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 quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.68 earnings per share. As a group, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

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.