1,476 Shares in 3M (NYSE:MMM) Acquired by Garner Asset Management Corp

Garner Asset Management Corp purchased a new stake in shares of 3M (NYSE:MMM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,476 shares of the conglomerate’s stock, valued at approximately $202,000.

Several other institutional investors also recently bought and sold shares of MMM. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC lifted its position in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the period. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in shares of 3M during the second quarter worth $33,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MMM shares. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Barclays raised their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 0.9 %

NYSE:MMM opened at $128.42 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company’s 50 day moving average is $132.56 and its 200-day moving average is $119.11. The firm has a market cap of $69.93 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping 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 company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the business posted $2.68 EPS. The business’s quarterly revenue was down 24.3% on a year-over-year basis. Equities analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.18%. 3M’s dividend payout ratio is currently 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.