3M (NYSE:MMM) Stake Raised by Kerusso Capital Management LLC

Kerusso Capital Management LLC increased its holdings in 3M (NYSE:MMM) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,961 shares of the conglomerate’s stock after buying an additional 1,387 shares during the quarter. 3M comprises 2.0% of Kerusso Capital Management LLC’s portfolio, making the stock its 19th largest holding. Kerusso Capital Management LLC’s holdings in 3M were worth $3,139,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC lifted its holdings in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the period. Fortis Capital Advisors LLC boosted its holdings in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC increased its stake in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares during the period. TCV Trust & Wealth Management Inc. raised its holdings in 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after purchasing an additional 84 shares in the last quarter. Finally, Weatherly Asset Management L. P. lifted its position in 3M by 3.3% in the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 1.0 %

MMM stock traded up $1.27 during midday trading on Friday, reaching $134.34. The company had a trading volume of 3,466,066 shares, compared to its average volume of 4,182,127. The company has a 50 day moving average of $132.82 and a two-hundred day moving average of $116.50. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a market capitalization of $73.16 billion, a P/E ratio of 16.96, a PEG ratio of 2.22 and a beta of 0.95.

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 firm had revenue of $6.29 billion for 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 firm’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.68 earnings per share. On average, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.08%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

Analysts Set New Price Targets

A number of analysts have recently commented on MMM shares. Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $139.27.

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.