Cerity Partners LLC Has $83.39 Million Position in 3M (NYSE:MMM)

Cerity Partners LLC grew its position in 3M (NYSE:MMM) by 92.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 610,010 shares of the conglomerate’s stock after purchasing an additional 293,418 shares during the period. Cerity Partners LLC’s holdings in 3M were worth $83,388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Bank of New York Mellon Corp raised its stake in 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the period. Pacer Advisors Inc. increased its holdings in shares of 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after acquiring an additional 97,340 shares in the last quarter. AQR Capital Management LLC raised its position in shares of 3M by 18.6% during the second quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after purchasing an additional 396,773 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of 3M by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after purchasing an additional 11,315 shares in the last quarter. Finally, National Pension Service grew its position in shares of 3M by 14.5% in the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock valued at $173,336,000 after purchasing an additional 161,036 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Stock Up 0.9 %

NYSE:MMM opened at $128.42 on Friday. 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 2.11 and a beta of 0.95. 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 has a twelve month low of $75.40 and a twelve month high of $141.34. The stock’s 50 day moving average price is $132.56 and its two-hundred day moving average price is $119.11.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the firm posted $2.68 earnings per share. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s payout ratio is currently 35.35%.

Analyst Ratings Changes

Several analysts have commented on MMM shares. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Bank of America upped their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays upped their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $144.87.

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.