Glassy Mountain Advisors Inc. Takes Position in 3M (NYSE:MMM)

Glassy Mountain Advisors Inc. bought a new stake in shares of 3M (NYSE:MMM – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 870 shares of the conglomerate’s stock, valued at approximately $104,000.

Several other hedge funds have also recently made changes to their positions in the business. Options Solutions LLC raised its position in shares of 3M by 3.1% during the 2nd quarter. Options Solutions LLC now owns 2,454 shares of the conglomerate’s stock valued at $318,000 after buying an additional 73 shares in the last quarter. Taylor Hoffman Wealth Management raised its position in shares of 3M by 1.3% during the 3rd quarter. Taylor Hoffman Wealth Management now owns 5,977 shares of the conglomerate’s stock valued at $660,000 after buying an additional 77 shares in the last quarter. Madison Wealth Management raised its position in shares of 3M by 1.3% during the 3rd quarter. Madison Wealth Management now owns 6,086 shares of the conglomerate’s stock valued at $673,000 after buying an additional 78 shares in the last quarter. Cadence Bank raised its position in 3M by 0.3% in the 2nd quarter. Cadence Bank now owns 29,677 shares of the conglomerate’s stock worth $3,840,000 after purchasing an additional 79 shares during the period. Finally, Eagle Bay Advisors LLC raised its position in 3M by 2.8% in the 2nd quarter. Eagle Bay Advisors LLC now owns 3,152 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 87 shares during the period. 65.61% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 1.1 %

Shares of NYSE MMM traded down $1.19 during midday trading on Friday, reaching $103.02. 11,385,779 shares of the company’s stock traded hands, compared to its average volume of 3,731,396. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The stock’s 50 day simple moving average is $114.23 and its 200-day simple moving average is $118.69. 3M has a one year low of $100.27 and a one year high of $154.66. The company has a market cap of $56.71 billion, a price-to-earnings ratio of 10.15, a P/E/G ratio of 1.25 and a beta of 0.96.

3M (NYSE:MMM – Get Rating) last released its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.06). 3M had a net margin of 16.88% and a return on equity of 39.72%. The business had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the business posted $2.31 earnings per share. 3M’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, analysts predict that 3M will post 8.65 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, March 12th. Stockholders of record on Friday, February 17th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Thursday, February 16th. This is an increase from 3M’s previous quarterly dividend of $1.49. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.82%. 3M’s dividend payout ratio (DPR) is currently 59.11%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their price objective on shares of 3M from $125.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 25th. Citigroup increased their price objective on shares of 3M from $117.00 to $126.00 and gave the stock a “neutral” rating in a research report on Friday, December 9th. Mizuho reduced their price objective on shares of 3M from $130.00 to $120.00 and set a “neutral” rating on the stock in a research report on Thursday, January 26th. UBS Group reduced their price objective on shares of 3M from $124.00 to $115.00 in a research report on Wednesday, January 25th. Finally, Barclays reduced their price objective on shares of 3M from $130.00 to $122.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 25th. Three investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average target price of $125.92.

3M Profile

(Get Rating)

3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.