Caprock Group LLC Grows Position in 3M (NYSE:MMM)

Caprock Group LLC increased its stake in shares of 3M (NYSE:MMM) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,768 shares of the conglomerate’s stock after acquiring an additional 1,565 shares during the quarter. Caprock Group LLC’s holdings in 3M were worth $2,702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CVA Family Office LLC lifted its stake in shares of 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares during the period. Harbour Investments Inc. raised its stake in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the last quarter. Fortis Capital Advisors LLC lifted its position in 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC increased its holdings in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. raised its position in 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after buying an additional 84 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MMM shares. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company 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 report on Tuesday, October 22nd. Finally, Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $144.87.

3M Stock Down 1.5 %

MMM opened at $128.18 on Wednesday. The company has a market cap of $69.80 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The company has a 50-day moving average price of $132.80 and a 200 day moving average price of $118.61. 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 announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.68 earnings per share. Sell-side analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

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