RIA Advisory Group LLC Takes Position in 3M (NYSE:MMM)

RIA Advisory Group LLC purchased a new stake in 3M (NYSE:MMM) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 12,155 shares of the conglomerate’s stock, valued at approximately $1,662,000. 3M comprises 0.6% of RIA Advisory Group LLC’s investment portfolio, making the stock its 29th largest holding.

Several other institutional investors have also recently added to or reduced their stakes in MMM. MFA Wealth Advisors LLC acquired a new position in 3M during the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC lifted its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in 3M in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Performance

3M stock traded down $1.82 during mid-day trading on Friday, reaching $129.79. 1,929,226 shares of the company’s stock were exchanged, compared to its average volume of 4,844,047. The business’s fifty day simple moving average is $132.80 and its 200 day simple moving average is $117.87. The firm has a market capitalization of $70.68 billion, a PE ratio of 16.38, a P/E/G ratio of 2.17 and a beta of 0.95. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period last year, the business posted $2.68 earnings per share. On average, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced 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 is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio 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.