3M (NYSE:MMM) Shares Purchased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC increased its holdings in shares of 3M (NYSE:MMM) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,791 shares of the conglomerate’s stock after purchasing an additional 185 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in 3M were worth $1,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MMM. Sei Investments Co. increased its position in shares of 3M by 6.7% during the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock worth $16,874,000 after purchasing an additional 10,309 shares during the last quarter. Gabelli Funds LLC increased its position in shares of 3M by 14.6% during the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock worth $261,000 after purchasing an additional 325 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of 3M by 75.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after purchasing an additional 9,160 shares during the last quarter. AXA S.A. increased its position in shares of 3M by 13.6% during the 2nd quarter. AXA S.A. now owns 99,735 shares of the conglomerate’s stock worth $10,192,000 after purchasing an additional 11,910 shares during the last quarter. Finally, MBB Public Markets I LLC purchased a new position in 3M during the 2nd quarter valued at about $4,119,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MMM. Barclays raised their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a report on Wednesday. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a report on Wednesday. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

3M Price Performance

MMM stock opened at $149.61 on Friday. The business has a 50 day moving average price of $132.43 and a 200 day moving average price of $128.82. The stock has a market cap of $81.47 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.46 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 earnings per share. Equities research analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is 37.09%.

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.