Bank of Montreal Can Increases Holdings in 3M (NYSE:MMM)

Bank of Montreal Can raised its stake in 3M (NYSE:MMM) by 39.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,099,794 shares of the conglomerate’s stock after acquiring an additional 308,912 shares during the quarter. Bank of Montreal Can’s holdings in 3M were worth $151,002,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC raised its stake in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. raised its stake in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in 3M during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $130.30 on Tuesday. The company has a market cap of $70.96 billion, a PE ratio of 16.45, a P/E/G ratio of 2.12 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a 50-day simple moving average of $132.48 and a 200 day simple moving average of $119.51. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

Analysts Set New Price Targets

A number of equities analysts have commented on MMM shares. Citigroup boosted their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada raised their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Morgan Stanley started coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target 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.