CWA Asset Management Group LLC Has $3.55 Million Stake in 3M (NYSE:MMM)

CWA Asset Management Group LLC cut its holdings in 3M (NYSE:MMM) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,470 shares of the conglomerate’s stock after selling 1,169 shares during the quarter. CWA Asset Management Group LLC’s holdings in 3M were worth $3,546,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. CVA Family Office LLC grew 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 purchasing an additional 79 shares during the period. Harbour Investments Inc. increased its stake in shares of 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after acquiring an additional 81 shares during the last quarter. KMG Fiduciary Partners LLC boosted its stake in 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during the last quarter. TCV Trust & Wealth Management Inc. grew its holdings in 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. increased its stake in 3M by 3.3% in the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock valued at $373,000 after purchasing an additional 86 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MMM. Royal Bank of Canada decreased their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday. Bank of America boosted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.60.

3M Price Performance

NYSE:MMM opened at $130.08 on Tuesday. The stock’s 50-day simple moving average is $130.12 and its 200 day simple moving average is $125.78. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The company has a market cap of $70.84 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 posted its quarterly earnings results 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. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.68 EPS. As a group, sell-side analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.