Assetmark Inc. Has $89,000 Holdings in 3M (NYSE:MMM)

Assetmark Inc. lifted its holdings in shares of 3M (NYSE:MMM) by 51.0% during the third quarter, Holdings Channel.com reports. The firm owned 651 shares of the conglomerate’s stock after acquiring an additional 220 shares during the quarter. Assetmark Inc.’s holdings in 3M were worth $89,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MMM. Osaic Holdings Inc. lifted its holdings in shares of 3M by 6.5% during the first quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock worth $36,305,000 after purchasing an additional 20,900 shares during the period. Edgestream Partners L.P. acquired a new position in 3M in the first quarter valued at $1,990,000. Covestor Ltd lifted its holdings in 3M by 12.7% in the first quarter. Covestor Ltd now owns 1,985 shares of the conglomerate’s stock valued at $210,000 after buying an additional 224 shares during the period. Seven Eight Capital LP acquired a new position in 3M in the first quarter valued at $1,942,000. Finally, UniSuper Management Pty Ltd lifted its holdings in 3M by 262.5% in the first quarter. UniSuper Management Pty Ltd now owns 17,190 shares of the conglomerate’s stock valued at $1,823,000 after buying an additional 12,448 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on MMM. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two equities 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Down 1.9 %

MMM opened at $129.79 on Monday. The stock has a market cap of $70.68 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.15 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company’s 50-day moving average price is $132.80 and its two-hundred day moving average price is $118.15. 3M has a twelve month low of $75.40 and a twelve month high of $141.34.

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

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

3M Company 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.