3M (NYSE:MMM) Stake Lifted by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its stake in 3M (NYSE:MMM) by 310.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,552 shares of the conglomerate’s stock after buying an additional 4,954 shares during the quarter. Miracle Mile Advisors LLC’s holdings in 3M were worth $846,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. CVA Family Office LLC increased its position in 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares during the period. Harbour Investments Inc. increased its holdings in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares during the period. KMG Fiduciary Partners LLC raised its stake in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares in the last quarter. TCV Trust & Wealth Management Inc. lifted its holdings in 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. grew its position in 3M by 3.3% in the 3rd quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock valued at $373,000 after buying an additional 86 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of a number of recent analyst reports. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Royal Bank of Canada cut their target price on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $144.13.

3M Price Performance

Shares of NYSE:MMM opened at $138.07 on Thursday. The company’s fifty day moving average is $130.90 and its two-hundred day moving average is $127.12. The company has a market cap of $75.19 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. 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 data 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business earned $2.68 EPS. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. Equities analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is presently 35.35%.

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.