Cypress Capital Group Has $7.32 Million Stake in 3M (NYSE:MMM)

Cypress Capital Group grew its holdings in 3M (NYSE:MMM) by 3.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,560 shares of the conglomerate’s stock after acquiring an additional 1,979 shares during the quarter. Cypress Capital Group’s holdings in 3M were worth $7,322,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MMM. CVA Family Office LLC increased its holdings in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares during the period. Harbour Investments Inc. lifted its position in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after acquiring an additional 81 shares during the period. Fortis Capital Advisors LLC raised its stake in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC increased its holdings in 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. raised its position in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after buying an additional 84 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada boosted their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. 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. UBS Group raised 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Citigroup upped their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Two investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Stock Down 0.3 %

3M stock opened at $127.83 on Thursday. The firm has a market capitalization of $69.61 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 2.12 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 has a 1-year low of $75.40 and a 1-year high of $141.34. The firm’s fifty day moving average price is $132.75 and its two-hundred day moving average price is $118.67.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS 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 business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the firm posted $2.68 EPS. 3M’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 earnings per share for the current fiscal year.

3M Dividend Announcement

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 issued 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 yield of 2.19%. 3M’s dividend payout ratio (DPR) 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.