RIA Advisory Group LLC Takes Position in 3M (NYSE:MMM)

RIA Advisory Group LLC bought a new stake in shares of 3M (NYSE:MMM) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 12,155 shares of the conglomerate’s stock, valued at approximately $1,662,000. 3M makes up 0.6% of RIA Advisory Group LLC’s portfolio, making the stock its 29th largest position.

Several other institutional investors have also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC acquired a new position in 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC grew its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its stake 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 buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new position in 3M in the 2nd quarter valued at approximately $33,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MMM shares. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. Two equities 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Price Performance

NYSE:MMM traded down $1.82 during trading hours on Friday, reaching $129.79. The stock had a trading volume of 1,929,226 shares, compared to its average volume of 4,844,047. The stock has a market capitalization of $70.68 billion, a PE ratio of 16.38, a PEG ratio of 2.17 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a 50 day moving average price of $132.80 and a two-hundred day moving average price of $117.87. 3M has a 52 week low of $75.40 and a 52 week high of $141.34.

3M (NYSE:MMM) last issued its 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 return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the business earned $2.68 EPS. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M’s payout ratio 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.