Douglass Winthrop Advisors LLC Grows Holdings in 3M (NYSE:MMM)

Douglass Winthrop Advisors LLC boosted its holdings in shares of 3M (NYSE:MMM) by 3.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 15,664 shares of the conglomerate’s stock after purchasing an additional 475 shares during the period. Douglass Winthrop Advisors LLC’s holdings in 3M were worth $2,141,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of MMM. Ballentine Partners LLC grew its holdings in shares of 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 buying an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC lifted its position in 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after acquiring an additional 13,473 shares during the period. Ausdal Financial Partners Inc. grew its stake in shares of 3M by 6.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares during the last quarter. Candriam S.C.A. increased its holdings in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after purchasing an additional 6,185 shares during the period. Finally, True Vision MN LLC purchased a new stake in shares of 3M during the second quarter worth approximately $512,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Up 0.9 %

3M stock opened at $128.42 on Monday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a market capitalization of $69.93 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The stock’s fifty day moving average is $132.56 and its two-hundred day moving average is $119.28. 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 (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.68 EPS. Analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.18%. 3M’s dividend payout ratio (DPR) is 35.35%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MMM. Royal Bank of Canada lifted their price objective on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Citigroup lifted their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.