3M (NYSE:MMM) Stake Boosted by German American Bancorp Inc.

German American Bancorp Inc. increased its position in shares of 3M (NYSE:MMM) by 11.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,029 shares of the conglomerate’s stock after acquiring an additional 300 shares during the period. German American Bancorp Inc.’s holdings in 3M were worth $414,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. MFA Wealth Advisors LLC bought a new position in 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. grew its holdings in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M in the second quarter worth $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Down 0.3 %

Shares of MMM opened at $127.83 on Thursday. The business’s 50 day simple moving average is $132.75 and its 200-day simple moving average is $118.67. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market capitalization of $69.61 billion, a P/E ratio of 16.14, a PEG ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company posted $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of research analyst reports. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus 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.