StoneRidge PMG Advisors LLC Makes New Investment in 3M Company $MMM

StoneRidge PMG Advisors LLC acquired a new stake in 3M Company (NYSE:MMM) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 4,312 shares of the conglomerate’s stock, valued at approximately $708,000.

Other large investors have also bought and sold shares of the company. Bryn Mawr Trust Advisors LLC lifted its holdings in 3M by 3.8% in the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 10,750 shares of the conglomerate’s stock valued at $1,765,000 after acquiring an additional 390 shares during the last quarter. M Holdings Securities Inc. acquired a new position in shares of 3M in the 3rd quarter worth approximately $557,000. Brighton Jones LLC grew its stake in shares of 3M by 98.2% in the 3rd quarter. Brighton Jones LLC now owns 23,533 shares of the conglomerate’s stock worth $3,863,000 after purchasing an additional 11,659 shares during the last quarter. Kimelman & Baird LLC bought a new stake in shares of 3M in the 3rd quarter worth approximately $131,000. Finally, Ethic Inc. raised its holdings in shares of 3M by 27.2% in the 3rd quarter. Ethic Inc. now owns 10,896 shares of the conglomerate’s stock worth $1,789,000 after purchasing an additional 2,328 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.0%

NYSE:MMM opened at $185.23 on Monday. The stock has a fifty day simple moving average of $168.96 and a 200 day simple moving average of $161.79. The firm has a market capitalization of $95.71 billion, a price-to-earnings ratio of 27.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. 3M Company has a 1-year low of $139.34 and a 1-year high of $196.90. 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 (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12. The firm had revenue of $6.60 billion for 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 business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.19 EPS. Sell-side analysts forecast that 3M Company will post 9.14 earnings per share for the current year.

3M announced that its board has initiated a share buyback plan on Wednesday, November 4th that permits the company to buy back $6 billion in outstanding shares. This buyback authorization permits the conglomerate to repurchase up to 6.6% of its shares through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

3M Dividend Announcement

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

Analysts Set New Price Targets

MMM has been the subject of several recent research reports. Argus began coverage on shares of 3M in a research note on Wednesday, November 4th. They set a “strong-buy” rating for the company. Citigroup lifted their price target on shares of 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 21st. The Goldman Sachs Group upped their price target on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday. Sanford C. Bernstein increased their price objective on 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada increased their price objective on 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a research report on Wednesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.