Simmons Bank Makes New $263,000 Investment in 3M (NYSE:MMM)

Simmons Bank bought a new stake in 3M (NYSE:MMM) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,921 shares of the conglomerate’s stock, valued at approximately $263,000.

Other large investors have also recently made changes to their positions in the company. MFA Wealth Advisors LLC purchased a new stake in 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. increased its stake in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M in the second quarter valued at about $33,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Up 0.7 %

Shares of MMM 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. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The stock has a market cap of $72.06 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The firm has a 50 day simple moving average of $132.76 and a 200-day simple moving average of $117.50.

3M (NYSE:MMM) last released 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. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 earnings per share. Equities analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analysts Set New Price Targets

Several brokerages recently issued reports on MMM. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Two 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $144.87.

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.