Oliver Luxxe Assets LLC Acquires 17,283 Shares of 3M (NYSE:MMM)

Oliver Luxxe Assets LLC increased its stake in 3M (NYSE:MMM) by 38.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 61,966 shares of the conglomerate’s stock after purchasing an additional 17,283 shares during the quarter. 3M accounts for approximately 1.4% of Oliver Luxxe Assets LLC’s holdings, making the stock its 13th largest position. Oliver Luxxe Assets LLC’s holdings in 3M were worth $7,999,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. D.A. Davidson & CO. lifted its position in shares of 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 buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Ballentine Partners LLC increased its position in 3M by 40.1% in 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 last quarter. Stonegate Investment Group LLC raised its stake in 3M by 5.6% during the third 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 in the last quarter. Finally, Ausdal Financial Partners Inc. lifted its position in 3M by 6.7% during the second 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. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MMM shares. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada dropped their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday. Mizuho raised their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.60.

3M Stock Up 0.1 %

Shares of 3M stock traded up $0.18 on Monday, reaching $130.05. The stock had a trading volume of 1,760,689 shares, compared to its average volume of 2,385,813. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a 50 day moving average price of $130.12 and a 200 day moving average price of $125.58. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $70.82 billion, a P/E ratio of 16.42, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly 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. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm posted $2.68 earnings per share. The business’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities research analysts forecast that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.15%. 3M’s payout ratio is 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.