NCM Capital Management LLC Boosts Stock Holdings in 3M (NYSE:MMM)

NCM Capital Management LLC raised its holdings in 3M (NYSE:MMM) by 117.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,710 shares of the conglomerate’s stock after purchasing an additional 6,860 shares during the quarter. 3M accounts for about 0.8% of NCM Capital Management LLC’s holdings, making the stock its 25th biggest position. NCM Capital Management LLC’s holdings in 3M were worth $1,737,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. D.A. Davidson & CO. lifted its stake in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after purchasing an additional 20,421 shares during the period. Ballentine Partners LLC lifted its position in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares during the period. Stonegate Investment Group LLC boosted its stake in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after acquiring an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. grew its holdings in shares of 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after acquiring an additional 249 shares during the period. Finally, Candriam S.C.A. increased its stake in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after purchasing an additional 6,185 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

3M stock opened at $133.53 on Friday. The stock has a fifty day moving average price of $132.39 and a 200 day moving average price of $120.16. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market capitalization of $72.71 billion, a P/E ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95.

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

3M Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on MMM shares. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. lifted their target price 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. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

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.