Summit Trail Advisors LLC Acquires 987 Shares of 3M (NYSE:MMM)

Summit Trail Advisors LLC increased its stake in shares of 3M (NYSE:MMM) by 30.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,271 shares of the conglomerate’s stock after acquiring an additional 987 shares during the quarter. Summit Trail Advisors LLC’s holdings in 3M were worth $584,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MMM. McClarren Financial Advisors Inc. increased its holdings 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 period. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter worth about $28,000. Meeder Asset Management Inc. raised its holdings in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in 3M in the 2nd quarter valued at approximately $33,000. Finally, Gradient Investments LLC grew its holdings in shares of 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada raised their price objective on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their target price 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. Barclays raised their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Performance

Shares of NYSE:MMM opened at $132.95 on Wednesday. The business has a fifty day moving average of $132.46 and a 200-day moving average of $119.75. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a market cap of $72.40 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the company posted $2.68 EPS. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, equities research analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio is 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.