Commerce Bank Decreases Holdings in 3M (NYSE:MMM)

Commerce Bank reduced its position in 3M (NYSE:MMM) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,373 shares of the conglomerate’s stock after selling 949 shares during the period. Commerce Bank’s holdings in 3M were worth $8,390,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. McClarren Financial Advisors Inc. raised its position in shares of 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. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter valued at $28,000. Meeder Asset Management Inc. increased its position in 3M by 689.7% during the 2nd 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. TruNorth Capital Management LLC acquired a new position in 3M in the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC lifted its holdings in 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MMM shares. Bank of America lifted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Melius Research upgraded 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. Finally, JPMorgan Chase & Co. raised their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Down 0.4 %

Shares of NYSE MMM opened at $127.32 on Friday. The stock has a fifty day moving average price of $132.66 and a 200 day moving average price of $118.73. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a market cap of $69.33 billion, a P/E ratio of 16.08, a P/E/G ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 EPS. The company’s revenue was down 24.3% on a year-over-year basis. Research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s dividend 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.