CreativeOne Wealth LLC Increases Holdings in 3M (NYSE:MMM)

CreativeOne Wealth LLC increased its holdings in shares of 3M (NYSE:MMM) by 52.2% in the third quarter, Holdings Channel reports. The firm owned 13,433 shares of the conglomerate’s stock after acquiring an additional 4,605 shares during the period. CreativeOne Wealth LLC’s holdings in 3M were worth $1,836,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC boosted its position in 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC purchased a new position in 3M in the 2nd quarter valued at about $76,732,000. Jennison Associates LLC purchased a new position in 3M in the 3rd quarter valued at about $82,208,000. Finally, Bank of New York Mellon Corp boosted its position in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE:MMM opened at $132.48 on Friday. The firm’s 50 day moving average is $132.42 and its two-hundred day moving average is $119.92. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market capitalization of $72.14 billion, a P/E ratio of 16.73, a PEG ratio of 2.19 and a beta of 0.95. 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 (NYSE:MMM) last announced its quarterly 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 net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business earned $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. Analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The business 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped 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 Monday, October 28th. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company increased their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.