Vise Technologies Inc. boosted its position in shares of 3M Company (NYSE:MMM – Free Report) by 21.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,397 shares of the conglomerate’s stock after buying an additional 4,500 shares during the period. Vise Technologies Inc.’s holdings in 3M were worth $4,169,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Grandfield & Dodd LLC increased its position in shares of 3M by 4.0% during the third quarter. Grandfield & Dodd LLC now owns 2,577 shares of the conglomerate’s stock worth $423,000 after purchasing an additional 100 shares in the last quarter. Summit Global Investments lifted its holdings in 3M by 17.1% in the 3rd quarter. Summit Global Investments now owns 3,617 shares of the conglomerate’s stock valued at $594,000 after purchasing an additional 528 shares in the last quarter. Sagace Wealth Management LLC boosted its stake in 3M by 50.5% during the 3rd quarter. Sagace Wealth Management LLC now owns 2,152 shares of the conglomerate’s stock worth $353,000 after purchasing an additional 722 shares during the last quarter. Americana Partners LLC boosted its stake in 3M by 5.7% during the 3rd quarter. Americana Partners LLC now owns 30,996 shares of the conglomerate’s stock worth $5,088,000 after purchasing an additional 1,679 shares during the last quarter. Finally, Aprio Wealth Management LLC boosted its stake in 3M by 6.3% during the 3rd quarter. Aprio Wealth Management LLC now owns 3,405 shares of the conglomerate’s stock worth $559,000 after purchasing an additional 202 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.
3M Stock Performance
Shares of 3M stock opened at $177.07 on Wednesday. The business’s 50 day moving average price is $168.40 and its 200 day moving average price is $161.43. The company has a market cap of $91.50 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 2.32 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M Company has a one year low of $139.34 and a one year high of $184.90.
3M (NYSE:MMM – Get Free Report) last issued its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the prior year, the business earned $2.19 EPS. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. On average, research analysts predict that 3M Company will post 9.14 EPS for the current year.
3M Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.8%. 3M’s dividend payout ratio is currently 46.50%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on MMM shares. Raymond James Financial reaffirmed a “market perform” rating on shares of 3M in a report on Wednesday, October 21st. Wolfe Research reissued an “outperform” rating on shares of 3M in a research note on Thursday, July 9th. Mizuho boosted their price target on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price objective on shares of 3M from $185.00 to $191.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. Finally, Sanford C. Bernstein increased their price objective on shares of 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus price target of $185.36.
Check Out Our Latest Stock Report on 3M
3M Company Profile
3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.
The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.
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