Infrastructure Capital Advisors LLC Makes New $202,000 Investment in 3M (NYSE:MMM)

Infrastructure Capital Advisors LLC acquired a new position in 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,481 shares of the conglomerate’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC raised its stake in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of 3M by 2.0% during the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after acquiring an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 3M by 1.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after acquiring an additional 43,942 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after acquiring an additional 396,773 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.4 %

NYSE:MMM opened at $132.48 on Friday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The firm has a fifty day simple moving average of $132.42 and a 200-day simple moving average of $119.92. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $72.14 billion, a P/E ratio of 16.73, a PEG ratio of 2.19 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 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 business’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, equities research analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed 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 2.11%. 3M’s payout ratio is currently 35.35%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MMM. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Bank of America lifted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Royal Bank of Canada lifted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. 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 company. Based on data from MarketBeat, the stock currently 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.