WESPAC Advisors LLC Buys 91 Shares of 3M (NYSE:MMM)

WESPAC Advisors LLC increased its stake in 3M (NYSE:MMM) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,263 shares of the conglomerate’s stock after purchasing an additional 91 shares during the period. WESPAC Advisors LLC’s holdings in 3M were worth $583,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL grew its stake in shares of 3M by 11.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock worth $991,000 after acquiring an additional 941 shares in the last quarter. Gabelli Funds LLC boosted its stake in shares of 3M by 20.3% during the 1st quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock worth $236,000 after buying an additional 375 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of 3M by 1.2% in the first quarter. Lazard Asset Management LLC now owns 264,767 shares of the conglomerate’s stock valued at $28,083,000 after acquiring an additional 3,147 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its position in 3M by 9.0% during the first quarter. Mount Yale Investment Advisors LLC now owns 8,448 shares of the conglomerate’s stock valued at $896,000 after purchasing an additional 700 shares during the last quarter. Finally, Kodai Capital Management LP grew its stake in 3M by 387.5% in the first quarter. Kodai Capital Management LP now owns 343,692 shares of the conglomerate’s stock valued at $36,455,000 after purchasing an additional 273,189 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $128.42 on Friday. The stock has a market capitalization of $69.93 billion, a PE ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a fifty day moving average price of $132.56 and a two-hundred day moving average price of $119.11.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share 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 business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. As a group, equities analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. 3M’s dividend payout ratio (DPR) is 35.35%.

Analysts Set New Price Targets

Several research firms have recently commented on MMM. Mizuho increased their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.87.

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.