Exchange Traded Concepts LLC Grows Stock Holdings in 3M (NYSE:MMM)

Exchange Traded Concepts LLC increased its holdings in shares of 3M (NYSE:MMM) by 3,024.4% in the 4th quarter, HoldingsChannel reports. The firm owned 75,579 shares of the conglomerate’s stock after acquiring an additional 73,160 shares during the quarter. Exchange Traded Concepts LLC’s holdings in 3M were worth $9,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. FSA Wealth Management LLC purchased a new position in shares of 3M during the 3rd quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares in the last quarter. ORG Partners LLC grew its stake in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares during the period. Finally, True Wealth Design LLC increased its holdings in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Barclays raised their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Citigroup raised their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday. UBS Group raised 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Bank of America lifted their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

3M Trading Down 0.3 %

MMM opened at $149.11 on Friday. The firm has a market capitalization of $81.20 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The company’s 50 day simple moving average is $132.09 and its two-hundred day simple moving average is $128.67. 3M has a 1-year low of $75.40 and a 1-year high of $152.08. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.42 earnings per share. Analysts expect that 3M will post 7.66 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.88%. 3M’s payout ratio is 37.09%.

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.