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

StoneRidge PMG Advisors LLC bought a new stake in shares of 3M Company (NYSE:MMM) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 4,312 shares of the conglomerate’s stock, valued at approximately $708,000.

A number of other institutional investors and hedge funds also recently modified their holdings of MMM. DecisionPoint Financial LLC boosted its holdings in shares of 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock valued at $32,000 after buying an additional 191 shares during the period. Security National Bank of SO Dak bought a new stake in shares of 3M during the 2nd quarter valued at about $32,000. Trellis Wealth Advisors LLC bought a new stake in shares of 3M during the 3rd quarter valued at about $33,000. Latitude Advisors LLC bought a new stake in shares of 3M during the 3rd quarter valued at about $34,000. Finally, Compass Financial Management LLC acquired a new stake in 3M during the second quarter worth about $38,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.0%

3M stock opened at $185.23 on Monday. The company has a 50-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 P/E ratio of 27.60, a P/E/G ratio of 2.41 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M Company has a one year low of $139.34 and a one year high of $196.90.

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

3M Announces Dividend

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

3M announced that its Board of Directors has authorized a share repurchase program on Wednesday, November 4th that authorizes the company to repurchase $6 billion in shares. This repurchase authorization authorizes the conglomerate to buy up to 6.6% of its stock through open market purchases. Share repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on MMM shares. Royal Bank Of Canada raised their target price on shares of 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a report on Wednesday, October 21st. The Goldman Sachs Group upped their target price on 3M from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday. Mizuho upped their target price on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on 3M from $191.00 to $210.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 4th. Finally, Sanford C. Bernstein raised their price target on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Two 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.07.

About 3M

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.