Canton Hathaway LLC Purchases 1,000 Shares of 3M (NYSE:MMM)

Canton Hathaway LLC increased its holdings in 3M (NYSE:MMM) by 85.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,175 shares of the conglomerate’s stock after purchasing an additional 1,000 shares during the period. Canton Hathaway LLC’s holdings in 3M were worth $297,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MMM. Gamco Investors INC. ET AL increased its stake in 3M by 11.2% during the first quarter. Gamco Investors INC. ET AL now owns 9,341 shares of the conglomerate’s stock worth $991,000 after acquiring an additional 941 shares during the last quarter. Gabelli Funds LLC increased its position in shares of 3M by 20.3% during the 1st quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock valued at $236,000 after purchasing an additional 375 shares during the last quarter. Mount Yale Investment Advisors LLC raised its holdings in 3M by 9.0% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 8,448 shares of the conglomerate’s stock valued at $896,000 after buying an additional 700 shares during the period. Janus Henderson Group PLC lifted its position in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the last quarter. Finally, Invenomic Capital Management LP boosted its stake in 3M by 153.3% during the first quarter. Invenomic Capital Management LP now owns 392,623 shares of the conglomerate’s stock worth $41,646,000 after buying an additional 237,627 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.5 %

Shares of 3M stock opened at $129.09 on Monday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market cap of $70.30 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 2.12 and a beta of 0.95. The firm’s 50-day moving average is $132.56 and its two-hundred day moving average is $119.28. 3M has a 1 year low of $75.40 and a 1 year high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the firm earned $2.68 earnings per share. As a group, research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MMM shares. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.87.

3M 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.