3M (NYSE:MMM) Shares Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC grew its stake in 3M (NYSE:MMM) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,600 shares of the conglomerate’s stock after purchasing an additional 1,000 shares during the period. Cornerstone Advisors LLC’s holdings in 3M were worth $2,679,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MMM. Capital World Investors purchased a new position in 3M during the 1st quarter worth $165,986,000. International Assets Investment Management LLC raised its holdings in 3M by 11,601.2% during the third 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 in the last quarter. Janus Henderson Group PLC lifted its position in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares during the period. Electron Capital Partners LLC acquired a new position in 3M during the 2nd quarter worth approximately $76,732,000. Finally, Jennison Associates LLC purchased a new position in shares of 3M during the 3rd quarter worth approximately $82,208,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Down 0.4 %

MMM opened at $127.32 on Friday. The business’s fifty day simple moving average is $132.66 and its 200 day simple moving average is $118.73. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market cap of $69.33 billion, a P/E ratio of 16.08, a PEG ratio of 2.12 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.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, equities research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm 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. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) 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.