3M Company $MMM Stock: Brighton Jones LLC Boosts Position

Brighton Jones LLC increased its holdings in shares of 3M Company (NYSE:MMM) by 98.2% during the third quarter, HoldingsChannel reports. The fund owned 23,533 shares of the conglomerate’s stock after buying an additional 11,659 shares during the period. Brighton Jones LLC’s holdings in 3M were worth $3,863,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. DecisionPoint Financial LLC increased 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 purchasing an additional 191 shares in the last quarter. Security National Bank of SO Dak purchased a new stake in 3M during the second quarter worth about $32,000. Trellis Wealth Advisors LLC purchased a new stake in 3M during the third quarter worth about $33,000. Latitude Advisors LLC purchased a new stake in 3M during the third quarter worth about $34,000. Finally, Compass Financial Management LLC acquired a new position in 3M during the second quarter worth about $38,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

3M stock opened at $185.23 on Monday. 3M Company has a 52 week low of $139.34 and a 52 week 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. The firm’s 50-day simple moving average is $168.96 and its 200 day simple moving average is $161.79. The firm has a market capitalization of $95.71 billion, a PE ratio of 27.60, a P/E/G ratio of 2.41 and a beta of 1.01.

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

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

3M Announces Dividend

The firm also recently declared 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 of this dividend is Friday, November 13th. 3M’s dividend payout ratio is 46.50%.

Analysts Set New Price Targets

A number of research analysts have issued reports on MMM shares. UBS Group set a $230.00 target price on shares of 3M in a report on Wednesday. Argus began coverage on 3M in a research note on Wednesday, November 4th. They set a “strong-buy” rating on the stock. The Goldman Sachs Group boosted their price target on 3M from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings upgraded 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 23rd. Finally, Mizuho raised their price objective on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average 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.