1,709 Shares in 3M (NYSE:MMM) Acquired by Heritage Investment Group Inc.

Heritage Investment Group Inc. bought a new position in shares of 3M (NYSE:MMM) in the third quarter, Holdings Channel reports. The firm bought 1,709 shares of the conglomerate’s stock, valued at approximately $234,000.

Other institutional investors have also recently bought and sold shares of the company. Capital World Investors acquired a new position in shares of 3M in the 1st quarter valued at $165,986,000. International Assets Investment Management LLC boosted its stake 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 worth $172,416,000 after purchasing an additional 1,250,491 shares during the period. National Bank of Canada FI boosted its stake in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares during the period. Janus Henderson Group PLC boosted its stake in 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after purchasing an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC acquired a new position in 3M in the 2nd quarter worth $76,732,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded down $1.82 during mid-day trading on Friday, hitting $129.79. The company had a trading volume of 1,929,226 shares, compared to its average volume of 4,844,047. The firm has a market cap of $70.68 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. 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 12 month low of $75.40 and a 12 month high of $141.34. The stock’s fifty day moving average price is $132.80 and its two-hundred day moving average price is $117.87.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (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 in the previous year, the firm posted $2.68 earnings per share. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company 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 annualized dividend and a yield of 2.16%. 3M’s dividend payout ratio is currently 35.35%.

Analyst Ratings Changes

A number of brokerages recently weighed in on MMM. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $130.00 to $184.00 in a research report on Wednesday. Citigroup boosted their price target 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. Finally, Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

About 3M

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.