3M Company $MMM Shares Purchased by Calamos Advisors LLC

Calamos Advisors LLC grew its position in shares of 3M Company (NYSE:MMM) by 332.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 303,723 shares of the conglomerate’s stock after purchasing an additional 233,451 shares during the period. Calamos Advisors LLC owned approximately 0.06% of 3M worth $49,856,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MMM. Alta Advisers Ltd lifted its holdings in 3M by 73.8% in the 3rd quarter. Alta Advisers Ltd now owns 3,688 shares of the conglomerate’s stock worth $605,000 after buying an additional 1,566 shares in the last quarter. Kestra Advisory Services LLC grew its stake in shares of 3M by 0.8% during the third quarter. Kestra Advisory Services LLC now owns 155,408 shares of the conglomerate’s stock valued at $25,510,000 after acquiring an additional 1,292 shares in the last quarter. Claro Advisors Inc. grew its stake in shares of 3M by 67.8% during the third quarter. Claro Advisors Inc. now owns 3,783 shares of the conglomerate’s stock valued at $621,000 after acquiring an additional 1,528 shares in the last quarter. Paulson Wealth Management Inc. increased its position in shares of 3M by 4.9% during the third quarter. Paulson Wealth Management Inc. now owns 2,135 shares of the conglomerate’s stock worth $350,000 after acquiring an additional 100 shares during the last quarter. Finally, J.P. Marvel Investment Advisors LLC increased its position in shares of 3M by 0.3% during the third quarter. J.P. Marvel Investment Advisors LLC now owns 68,792 shares of the conglomerate’s stock worth $11,292,000 after acquiring an additional 227 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 1.4%

Shares of MMM traded down $2.54 during midday trading on Friday, hitting $185.23. The company had a trading volume of 3,370,294 shares, compared to its average volume of 3,459,884. The stock has a market cap of $95.71 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 2.32 and a beta of 1.01. The company’s 50 day moving average price is $168.96 and its 200 day moving average price is $161.79. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. 3M Company has a 52 week low of $139.34 and a 52 week high of $196.90.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the firm earned $2.19 earnings per share. On average, equities research analysts predict that 3M Company will post 9.14 EPS for the current year.

3M declared that its board has approved a stock buyback plan on Wednesday, November 4th that allows the company to repurchase $6 billion in shares. This repurchase authorization allows the conglomerate to repurchase up to 6.6% of its stock through open market purchases. Share repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 13th. This represents a $3.12 annualized dividend and a yield of 1.7%. 3M’s payout ratio is presently 46.50%.

Analysts Set New Price Targets

A number of brokerages recently commented on MMM. Royal Bank Of Canada increased their price target on 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a report on Wednesday, October 21st. Citigroup lifted their price objective on 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. JPMorgan Chase & Co. upped their target price on 3M from $191.00 to $210.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company initiated coverage on 3M in a research note on Thursday, September 24th. They set an “equal weight” rating and a $195.00 target price for the company. Finally, Raymond James Financial reissued a “market perform” rating on shares of 3M in a research report on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $190.07.

3M Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.