Appian Way Asset Management LP Buys Shares of 40,863 3M (NYSE:MMM)

Appian Way Asset Management LP purchased a new stake in shares of 3M (NYSE:MMM) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 40,863 shares of the conglomerate’s stock, valued at approximately $5,586,000. 3M makes up about 1.3% of Appian Way Asset Management LP’s investment portfolio, making the stock its 20th biggest position.

A number of other institutional investors have also made changes to their positions in the stock. McClarren Financial Advisors Inc. raised its position in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M in the 2nd quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. TruNorth Capital Management LLC acquired a new stake in shares of 3M during the 2nd quarter worth approximately $33,000. Finally, Gradient Investments LLC increased its position in shares of 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 110 shares during the period. 65.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. UBS Group upgraded shares of 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. JPMorgan Chase & Co. increased 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 Monday, October 28th. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays increased their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Up 0.8 %

3M stock opened at $133.53 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market capitalization of $72.71 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95. The company’s 50 day simple moving average is $132.39 and its 200 day simple moving average is $120.16.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the business posted $2.68 EPS. The firm’s revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s payout ratio is 35.35%.

About 3M

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.