B. Riley Wealth Management Inc. purchased a new position in 3M Co (NYSE:MMM) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,118 shares of the conglomerate’s stock, valued at approximately $446,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Price Capital Management Inc. bought a new stake in shares of 3M in the 3rd quarter valued at $126,000. Psagot Investment House Ltd. bought a new stake in shares of 3M in the 3rd quarter valued at $131,000. Vectors Research Management LLC bought a new stake in shares of 3M in the 3rd quarter valued at $122,000. SRS Capital Advisors Inc. increased its stake in shares of 3M by 1,652.8% in the 2nd quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares in the last quarter. Finally, Braun Bostich & Associates Inc. increased its stake in shares of 3M by 221.7% in the 2nd quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 481 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.
Shares of MMM stock opened at $187.38 on Friday. The firm has a market cap of $113.29 billion, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 1.92 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.97 and a quick ratio of 1.36. 3M Co has a 12 month low of $181.98 and a 12 month high of $259.77.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.33 EPS. Analysts forecast that 3M Co will post 9.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 12th. Shareholders of record on Friday, November 23rd were paid a dividend of $1.36 per share. The ex-dividend date of this dividend was Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a yield of 2.90%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M announced that its Board of Directors has approved a share buyback plan on Tuesday, November 13th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Several research firms have recently weighed in on MMM. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. UBS Group lifted their price objective on shares of 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank lifted their price objective on shares of 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research note on Friday, September 28th. Finally, Barclays lowered their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating for the company in a research note on Monday, November 19th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $224.50.
In other 3M news, Director Gregory R. Page purchased 1,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was acquired at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the purchase, the director now owns 1,500 shares of the company’s stock, valued at approximately $276,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company’s stock.
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3M Company operates as a diversified technology company worldwide. The company’s Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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