EP Wealth Advisors LLC Increases Stock Holdings in 3M (NYSE:MMM)

EP Wealth Advisors LLC boosted its stake in 3M (NYSE:MMM) by 58.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,926 shares of the conglomerate’s stock after acquiring an additional 8,439 shares during the quarter. EP Wealth Advisors LLC’s holdings in 3M were worth $3,134,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MMM. Insigneo Advisory Services LLC grew its holdings in 3M by 26.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 4,378 shares of the conglomerate’s stock valued at $598,000 after purchasing an additional 903 shares in the last quarter. Kovitz Investment Group Partners LLC grew its stake in shares of 3M by 88.7% during the third quarter. Kovitz Investment Group Partners LLC now owns 91,451 shares of the conglomerate’s stock valued at $11,606,000 after acquiring an additional 42,978 shares in the last quarter. Wexford Capital LP increased its position in shares of 3M by 19.0% during the third quarter. Wexford Capital LP now owns 2,663 shares of the conglomerate’s stock worth $364,000 after acquiring an additional 425 shares during the last quarter. Wahed Invest LLC lifted its stake in shares of 3M by 8.9% in the third quarter. Wahed Invest LLC now owns 13,422 shares of the conglomerate’s stock worth $1,835,000 after acquiring an additional 1,093 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new stake in 3M during the 3rd quarter valued at approximately $4,544,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports 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 report on Monday, October 7th. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada upped their target price 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. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Finally, Barclays upped their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two 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 stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 0.2 %

Shares of NYSE:MMM opened at $133.11 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company’s 50-day moving average price is $131.89 and its 200 day moving average price is $121.43. The company has a market cap of $72.49 billion, a PE ratio of 16.81, a P/E/G ratio of 2.16 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 yield of 2.10%. 3M’s 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.