Blueshift Asset Management LLC Has $1.09 Million Position in 3M (NYSE:MMM)

Blueshift Asset Management LLC boosted its holdings in 3M (NYSE:MMM) by 254.4% in the third quarter, Holdings Channel reports. The institutional investor owned 7,956 shares of the conglomerate’s stock after buying an additional 5,711 shares during the period. Blueshift Asset Management LLC’s holdings in 3M were worth $1,088,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. D.A. Davidson & CO. lifted its holdings in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Ballentine Partners LLC lifted its holdings in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares during the period. Stonegate Investment Group LLC grew its position in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after buying an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. increased its stake in shares of 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after buying an additional 249 shares during the period. Finally, Candriam S.C.A. raised its position in shares of 3M by 19.2% during the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after acquiring an additional 6,185 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

3M Price Performance

Shares of MMM opened at $132.95 on Wednesday. The business’s fifty day moving average is $132.46 and its 200 day moving average is $119.75. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. 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 stock has a market cap of $72.40 billion, a P/E ratio of 16.79, a P/E/G ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm 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 business’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period last year, the firm earned $2.68 earnings per share. Sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed 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 is currently 35.35%.

Analyst Ratings Changes

Several brokerages recently commented on MMM. Bank of America increased their target price 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. JPMorgan Chase & Co. upped their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Royal Bank of Canada upped their price target on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock 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.