Fifth Third Wealth Advisors LLC Has $989,000 Stock Holdings in 3M (NYSE:MMM)

Fifth Third Wealth Advisors LLC increased its position in 3M (NYSE:MMM) by 24.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,238 shares of the conglomerate’s stock after purchasing an additional 1,443 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in 3M were worth $989,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its stake in shares of 3M by 52.5% during the first quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock worth $2,725,000 after buying an additional 8,849 shares during the last quarter. Lake Street Advisors Group LLC bought a new stake in shares of 3M during the 1st quarter valued at $273,000. Crewe Advisors LLC acquired a new position in shares of 3M in the 1st quarter valued at $305,000. Shell Asset Management Co. bought a new position in shares of 3M in the 1st quarter worth $517,000. Finally, EntryPoint Capital LLC grew its stake in shares of 3M by 302.9% during the first quarter. EntryPoint Capital LLC now owns 1,668 shares of the conglomerate’s stock worth $177,000 after purchasing an additional 1,254 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MMM has been the topic of several analyst reports. Royal Bank of Canada increased their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays upped their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Bank of America lifted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 1.5 %

NYSE MMM opened at $128.18 on Wednesday. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock’s 50 day moving average price is $132.80 and its two-hundred day moving average price is $118.61. The stock has a market capitalization of $69.80 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the business earned $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.18%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M Profile

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.