Grimes & Company Inc. increased its holdings in shares of 3M Co (NYSE:MMM) by 5.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 11,348 shares of the conglomerate’s stock after acquiring an additional 603 shares during the period. Grimes & Company Inc.’s holdings in 3M were worth $2,672,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Alpha Windward LLC grew its stake in 3M by 16.5% during the fourth quarter. Alpha Windward LLC now owns 1,441 shares of the conglomerate’s stock worth $339,000 after purchasing an additional 204 shares during the period. Canal Capital Management LLC boosted its holdings in 3M by 3.2% in the fourth quarter. Canal Capital Management LLC now owns 7,101 shares of the conglomerate’s stock worth $1,671,000 after acquiring an additional 221 shares in the last quarter. ARGI Investment Services LLC boosted its holdings in 3M by 6.8% in the third quarter. ARGI Investment Services LLC now owns 3,579 shares of the conglomerate’s stock worth $736,000 after acquiring an additional 227 shares in the last quarter. Cadence Bank NA boosted its holdings in 3M by 1.6% in the fourth quarter. Cadence Bank NA now owns 15,368 shares of the conglomerate’s stock worth $3,617,000 after acquiring an additional 237 shares in the last quarter. Finally, Fort Pitt Capital Group LLC boosted its holdings in 3M by 3.1% in the fourth quarter. Fort Pitt Capital Group LLC now owns 8,232 shares of the conglomerate’s stock worth $1,937,000 after acquiring an additional 251 shares in the last quarter. 66.17% of the stock is owned by institutional investors and hedge funds.
Several research analysts have issued reports on MMM shares. Argus reiterated a “buy” rating on shares of 3M in a report on Friday, December 22nd. Citigroup increased their price target on 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $221.00 price target (up previously from $208.00) on shares of 3M in a report on Thursday, January 18th. Hilliard Lyons upgraded 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target on the stock in a report on Wednesday, January 24th. Finally, Bank of America increased their price target on 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Four research analysts have rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $254.25.
3M Co (NYSE:MMM) opened at $236.67 on Tuesday. 3M Co has a fifty-two week low of $182.04 and a fifty-two week high of $259.77. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $140,936.98, a P/E ratio of 25.81, a PEG ratio of 2.20 and a beta of 1.08.
3M (NYSE:MMM) last posted its earnings results on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a return on equity of 48.34% and a net margin of 15.35%. The company had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same quarter last year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. sell-side analysts forecast that 3M Co will post 10.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $0.01. 3M’s dividend payout ratio (DPR) is currently 68.69%.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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