Oppenheimer & Co. Inc. Has $4.57 Million Holdings in 3M (NYSE:MMM)

Oppenheimer & Co. Inc. decreased its position in shares of 3M (NYSE:MMM) by 3.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 33,444 shares of the conglomerate’s stock after selling 1,069 shares during the period. Oppenheimer & Co. Inc.’s holdings in 3M were worth $4,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Simmons Bank bought a new position in 3M in the third quarter valued at about $263,000. Empower Advisory Group LLC increased its stake in shares of 3M by 12.6% in the third quarter. Empower Advisory Group LLC now owns 9,806 shares of the conglomerate’s stock valued at $1,340,000 after buying an additional 1,099 shares during the period. Aptus Capital Advisors LLC raised its holdings in 3M by 13.7% in the 3rd quarter. Aptus Capital Advisors LLC now owns 5,866 shares of the conglomerate’s stock valued at $802,000 after buying an additional 706 shares during the last quarter. First Heartland Consultants Inc. acquired a new stake in 3M during the 3rd quarter worth approximately $243,000. Finally, Hemenway Trust Co LLC bought a new stake in 3M during the 3rd quarter worth approximately $220,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Barclays increased their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Price Performance

MMM stock opened at $132.32 on Friday. 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 company’s 50-day moving average is $132.76 and its 200-day moving average is $117.50. The stock has a market capitalization of $72.06 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

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

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 annualized dividend and a yield of 2.12%. 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.