Empirical Asset Management LLC Raises Position in 3M (NYSE:MMM)

Empirical Asset Management LLC increased its holdings in shares of 3M (NYSE:MMMFree Report) by 17.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,219 shares of the conglomerate’s stock after buying an additional 1,058 shares during the quarter. Empirical Asset Management LLC’s holdings in 3M were worth $851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MMM. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter valued at $27,000. McClarren Financial Advisors Inc. grew its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. ORG Partners LLC raised its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the third quarter worth about $57,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Performance

MMM opened at $141.02 on Friday. The firm’s fifty day simple moving average is $131.24 and its two-hundred day simple moving average is $127.56. 3M has a 52-week low of $75.40 and a 52-week high of $141.66. The company has a market cap of $76.80 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 1.99%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Royal Bank of Canada reduced their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.13.

Check Out Our Latest Analysis on 3M

3M Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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