3M (NYSE:MMM) Shares Acquired by Leelyn Smith LLC

Leelyn Smith LLC lifted its position in 3M (NYSE:MMM) by 1.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,513 shares of the conglomerate’s stock after acquiring an additional 277 shares during the period. Leelyn Smith LLC’s holdings in 3M were worth $2,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MMM. Shell Asset Management Co. acquired a new position in shares of 3M in the 1st quarter valued at $517,000. Axxcess Wealth Management LLC increased its position in shares of 3M by 23.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 6,324 shares of the conglomerate’s stock valued at $671,000 after acquiring an additional 1,213 shares during the period. Canada Pension Plan Investment Board increased its position in shares of 3M by 336.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 455,421 shares of the conglomerate’s stock valued at $48,307,000 after acquiring an additional 351,011 shares during the period. Gamco Investors INC. ET AL increased its position in shares of 3M by 11.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock valued at $991,000 after acquiring an additional 941 shares during the period. Finally, Gabelli Funds LLC increased its position in shares of 3M by 20.3% in the 1st quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock valued at $236,000 after acquiring an additional 375 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent research reports. Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Mizuho upped their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, 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 report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Up 0.9 %

MMM opened at $128.43 on Friday. 3M has a twelve month low of $75.40 and a twelve 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 company has a 50-day moving average price of $132.56 and a 200 day moving average price of $118.95. The company has a market cap of $69.94 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95.

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

3M Dividend Announcement

The firm 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 $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. 3M’s payout ratio is 35.35%.

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.