3M (NYSE:MMM) Position Raised by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC grew its position in shares of 3M (NYSE:MMM) by 52.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,737 shares of the conglomerate’s stock after acquiring an additional 3,695 shares during the quarter. Main Street Financial Solutions LLC’s holdings in 3M were worth $1,468,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. McClarren Financial Advisors Inc. increased its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. MFA Wealth Advisors LLC bought a new position in shares of 3M in the second quarter worth $28,000. Meeder Asset Management Inc. increased its holdings in shares of 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 period. TruNorth Capital Management LLC bought a new stake in shares of 3M during the second quarter valued at about $33,000. Finally, Gradient Investments LLC lifted its holdings in 3M by 44.7% in the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays upped their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a report on Wednesday. Finally, Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 0.8 %

Shares of MMM opened at $131.45 on Thursday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The business’s 50-day moving average price is $132.78 and its 200 day moving average price is $117.40. The stock has a market capitalization of $71.58 billion, a P/E ratio of 16.60, a P/E/G ratio of 2.16 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its quarterly earnings data 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 firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business posted $2.68 EPS. The company’s revenue was down 24.3% on a year-over-year basis. Analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared 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. This represents a $2.80 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, November 15th. 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.