ClearAlpha Technologies LP Makes New Investment in 3M (NYSE:MMM)

ClearAlpha Technologies LP bought a new stake in shares of 3M (NYSE:MMM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,868 shares of the conglomerate’s stock, valued at approximately $255,000.

Several other large investors have also recently made changes to their positions in MMM. D.A. Davidson & CO. boosted its holdings in 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after acquiring an additional 20,421 shares in the last quarter. Ballentine Partners LLC boosted its stake in 3M by 40.1% in the 3rd 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 in the last quarter. Stonegate Investment Group LLC grew 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 valued at $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. increased its stake in 3M by 6.7% during 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 in the last quarter. Finally, Candriam S.C.A. raised its holdings in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after buying an additional 6,185 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MMM has been the subject of several analyst reports. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. 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 equities research 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’s stock. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M Trading Down 0.5 %

NYSE:MMM opened at $132.89 on Tuesday. 3M has a one year low of $75.40 and a one year high of $141.34. The business has a fifty day moving average price of $132.39 and a 200-day moving average price of $120.43. The firm has a market capitalization of $72.37 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 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 analysts’ expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.68 earnings per share. Sell-side analysts forecast that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company 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 $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M Company 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.