Mirador Capital Partners LP Purchases 415 Shares of 3M (NYSE:MMM)

Mirador Capital Partners LP boosted its stake in shares of 3M (NYSE:MMM) by 4.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,451 shares of the conglomerate’s stock after purchasing an additional 415 shares during the quarter. Mirador Capital Partners LP’s holdings in 3M were worth $1,220,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its position in 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Franklin Resources Inc. boosted its position in 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the period. Ballentine Partners LLC boosted its position in 3M by 40.1% during the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares during the period. Meyer Handelman Co. boosted its position in 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after purchasing an additional 2,678 shares during the period. Finally, Stonegate Investment Group LLC lifted its holdings in shares of 3M by 5.6% during the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on MMM. 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. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Royal Bank of Canada lowered their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research report on Friday, January 3rd. Finally, Barclays decreased their target price on 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.13.

3M Stock Performance

Shares of NYSE MMM opened at $138.20 on Thursday. 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 stock has a 50 day moving average of $130.90 and a 200-day moving average of $127.12. The company has a market capitalization of $75.26 billion, a P/E ratio of 17.45, a P/E/G ratio of 2.01 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping 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 company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the company posted $2.68 EPS. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.03%. 3M’s payout ratio is currently 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.