ARK Investment Management LLC Grows Position in 3M (NYSE:MMM)

ARK Investment Management LLC raised its position in 3M (NYSE:MMM) by 7.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,756 shares of the conglomerate’s stock after purchasing an additional 129 shares during the quarter. ARK Investment Management LLC’s holdings in 3M were worth $176,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MMM. Financial Freedom LLC bought a new stake in 3M during the 4th quarter valued at about $25,000. Financial Management Professionals Inc. raised its position in 3M by 1,538.9% during the 1st quarter. Financial Management Professionals Inc. now owns 295 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 277 shares in the last quarter. Artemis Wealth Advisors LLC lifted its holdings in shares of 3M by 1,361.9% in the 1st quarter. Artemis Wealth Advisors LLC now owns 307 shares of the conglomerate’s stock worth $32,000 after buying an additional 286 shares during the period. 25 LLC bought a new position in shares of 3M during the 1st quarter worth $33,000. Finally, Retirement Group LLC increased its stake in shares of 3M by 267.0% during the first quarter. Retirement Group LLC now owns 367 shares of the conglomerate’s stock valued at $39,000 after buying an additional 267 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.

3M Price Performance

Shares of MMM stock opened at $101.06 on Friday. The stock’s 50-day simple moving average is $104.39 and its 200-day simple moving average is $102.97. The firm has a market capitalization of $55.78 billion, a price-to-earnings ratio of -35.58, a PEG ratio of 1.59 and a beta of 0.96. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.96 and a current ratio of 1.44. 3M has a fifty-two week low of $92.38 and a fifty-two week high of $133.91.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.44. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $7.88 billion. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter last year, the company posted $2.48 earnings per share. As a group, equities analysts forecast that 3M will post 8.95 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date was Friday, August 18th. 3M’s dividend payout ratio is presently -211.27%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MMM. Citigroup increased their target price on shares of 3M from $100.00 to $111.00 in a report on Wednesday, July 26th. Wells Fargo & Company cut their price objective on shares of 3M from $110.00 to $100.00 in a report on Monday, July 10th. Wolfe Research upgraded 3M from an “underperform” rating to a “peer perform” rating in a report on Tuesday, August 29th. Bank of America upgraded 3M from an “underperform” rating to a “neutral” rating and set a $110.00 price target on the stock in a report on Tuesday, July 11th. Finally, StockNews.com began coverage on 3M in a research note on Thursday, August 17th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $113.08.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.