Moors & Cabot Inc. Increases Stock Position in 3M (NYSE:MMM)

Moors & Cabot Inc. lifted its holdings in shares of 3M (NYSE:MMM) by 20.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,420 shares of the conglomerate’s stock after acquiring an additional 3,017 shares during the quarter. Moors & Cabot Inc.’s holdings in 3M were worth $2,381,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. lifted its holdings in 3M by 52.5% in the 1st quarter. Bessemer Group Inc. now owns 25,690 shares of the conglomerate’s stock worth $2,725,000 after buying an additional 8,849 shares in the last quarter. Lake Street Advisors Group LLC bought a new stake in shares of 3M in the 1st quarter worth about $273,000. Shell Asset Management Co. bought a new stake in shares of 3M in the 1st quarter worth about $517,000. CreativeOne Wealth LLC increased its position in shares of 3M by 51.6% in the 1st quarter. CreativeOne Wealth LLC now owns 7,544 shares of the conglomerate’s stock worth $800,000 after purchasing an additional 2,567 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its position in shares of 3M by 25.9% in the 1st quarter. EP Wealth Advisors LLC now owns 14,344 shares of the conglomerate’s stock worth $1,521,000 after purchasing an additional 2,953 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Down 0.3 %

Shares of 3M stock opened at $127.83 on Thursday. The firm has a market capitalization of $69.61 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. 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 fifty day moving average price is $132.75 and its two-hundred day moving average price is $118.67. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MMM. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Barclays boosted their price objective 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. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Finally, 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 report on Wednesday, October 23rd. Two equities research 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. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus 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.