Oliver Luxxe Assets LLC Raises Position in 3M (NYSE:MMM)

Oliver Luxxe Assets LLC grew its stake in shares of 3M (NYSE:MMM) by 38.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,966 shares of the conglomerate’s stock after acquiring an additional 17,283 shares during the period. 3M comprises about 1.4% of Oliver Luxxe Assets LLC’s holdings, making the stock its 13th biggest position. Oliver Luxxe Assets LLC’s holdings in 3M were worth $7,999,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. FMR LLC lifted its holdings in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC acquired a new position in shares of 3M during the second quarter worth about $76,732,000. Jennison Associates LLC acquired a new stake in shares of 3M in the third quarter valued at about $82,208,000. Finally, Parsifal Capital Management LP raised its holdings in shares of 3M by 179.0% during the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after buying an additional 526,194 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

MMM traded up $0.18 during trading hours on Monday, hitting $130.05. The stock had a trading volume of 1,760,689 shares, compared to its average volume of 2,385,813. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company’s fifty day simple moving average is $130.12 and its 200 day simple moving average is $125.58. 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 stock has a market cap of $70.82 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.68 EPS. Equities analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio is 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of several recent research reports. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lowered their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Finally, UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.60.

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.