NorthRock Partners LLC Has $1.96 Million Position in 3M (NYSE:MMM)

NorthRock Partners LLC increased its position in shares of 3M (NYSE:MMM) by 162.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,155 shares of the conglomerate’s stock after acquiring an additional 9,379 shares during the quarter. NorthRock Partners LLC’s holdings in 3M were worth $1,956,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MMM. Norges Bank bought a new stake in 3M in the fourth quarter valued at about $636,767,000. Invesco Ltd. increased its holdings in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in 3M in the fourth quarter valued at about $175,110,000. Capital World Investors increased its holdings in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Amundi increased its holdings in 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM opened at $148.04 on Thursday. 3M has a 12 month low of $96.76 and a 12 month high of $156.35. The firm has a fifty day simple moving average of $141.47 and a 200 day simple moving average of $139.02. The stock has a market capitalization of $79.67 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. Research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.97%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Analyst Ratings Changes

A number of research firms recently commented on MMM. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. dropped their price objective on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada increased their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Barclays increased their price target on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.29.

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.