CreativeOne Wealth LLC Increases Stock Position in 3M (NYSE:MMM)

CreativeOne Wealth LLC raised its holdings in 3M (NYSE:MMM) by 52.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,433 shares of the conglomerate’s stock after purchasing an additional 4,605 shares during the quarter. CreativeOne Wealth LLC’s holdings in 3M were worth $1,836,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in MMM. Blueshift Asset Management LLC boosted its stake in shares of 3M by 254.4% during the 3rd quarter. Blueshift Asset Management LLC now owns 7,956 shares of the conglomerate’s stock worth $1,088,000 after acquiring an additional 5,711 shares in the last quarter. Freedom Investment Management Inc. boosted its stake in shares of 3M by 2.5% during the 3rd quarter. Freedom Investment Management Inc. now owns 9,498 shares of the conglomerate’s stock worth $1,298,000 after acquiring an additional 231 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its stake in shares of 3M by 35.7% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 2,400 shares of the conglomerate’s stock worth $329,000 after acquiring an additional 632 shares in the last quarter. Shum Financial Group Inc. purchased a new stake in shares of 3M during the 3rd quarter worth approximately $271,000. Finally, Avestar Capital LLC boosted its stake in shares of 3M by 10.0% during the 3rd quarter. Avestar Capital LLC now owns 2,787 shares of the conglomerate’s stock worth $381,000 after acquiring an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. UBS Group raised 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped 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. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada upped their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Down 0.4 %

MMM stock opened at $132.48 on Friday. The company has a market cap of $72.14 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 2.19 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a fifty day simple moving average of $132.42 and a 200-day simple moving average of $119.92. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.68 EPS. On average, equities research analysts expect that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company 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. 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 payout ratio is 35.35%.

3M Company 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.