Cetera Investment Advisers Raises Position in 3M (NYSE:MMM)

Cetera Investment Advisers increased its holdings in 3M (NYSE:MMM) by 160.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 166,132 shares of the conglomerate’s stock after purchasing an additional 102,284 shares during the quarter. Cetera Investment Advisers’ holdings in 3M were worth $17,622,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at about $502,585,000. Balyasny Asset Management L.P. boosted its stake in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Capital World Investors bought a new stake in shares of 3M during the 1st quarter valued at about $165,986,000. Los Angeles Capital Management LLC boosted its stake in shares of 3M by 157.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after purchasing an additional 1,103,459 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded down $1.23 during midday trading on Friday, reaching $125.24. 4,021,383 shares of the company’s stock traded hands, compared to its average volume of 5,628,400. 3M has a 52-week low of $71.12 and a 52-week high of $128.65. The stock has a market cap of $68.80 billion, a P/E ratio of -9.84, a PEG ratio of 2.34 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock’s 50-day moving average is $104.49 and its 200 day moving average is $99.45.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the company posted $2.17 earnings per share. As a group, analysts anticipate that 3M will post 7.21 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MMM shares. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Tuesday. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a research note on Thursday, June 13th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Finally, Citigroup boosted their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $123.57.

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.