3M Company $MMM Stock: Brighton Jones LLC Grows Holdings

Key Points

• Brighton Jones LLC increased its 3M stake by 98.2% in the third quarter, ending with 23,533 shares valued at about $3.86 million. Institutional investors collectively own 65.25% of the company.
• 3M reported quarterly EPS of $2.50, beating estimates of $2.38, while revenue of $6.60 billion was slightly below forecasts; revenue rose 1.5% year over year.
• The company declared a $0.78 quarterly dividend and authorized a $6 billion share repurchase program. Analysts’ average rating was “Moderate Buy,” with an average price target of $190.07.

Brighton Jones LLC grew its position in shares of 3M Company (NYSE:MMM - Free Report) by 98.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,533 shares of the conglomerate's stock after purchasing an additional 11,659 shares during the quarter. Brighton Jones LLC's holdings in 3M were worth $3,863,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Kimelman & Baird LLC acquired a new position in 3M during the third quarter worth approximately $131,000. Ethic Inc. boosted its holdings in shares of 3M by 27.2% in the third quarter. Ethic Inc. now owns 10,896 shares of the conglomerate's stock valued at $1,789,000 after acquiring an additional 2,328 shares during the period. Kornitzer Capital Management Inc. KS grew its position in shares of 3M by 2.4% during the third quarter. Kornitzer Capital Management Inc. KS now owns 10,535 shares of the conglomerate's stock worth $1,729,000 after acquiring an additional 250 shares during the last quarter. Ashton Thomas Private Wealth LLC grew its position in shares of 3M by 1.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 12,716 shares of the conglomerate's stock worth $2,087,000 after acquiring an additional 153 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of 3M during the third quarter worth approximately $2,718,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Trading Up 0.0%

NYSE:MMM opened at $185.23 on Monday. 3M Company has a 12-month low of $139.34 and a 12-month high of $196.90. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. The stock's 50 day simple moving average is $168.96 and its 200-day simple moving average is $161.79. The firm has a market cap of $95.71 billion, a P/E ratio of 27.60, a PEG ratio of 2.41 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share 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 analyst estimates of $6.61 billion. During the same period last year, the firm posted $2.19 EPS. 3M's quarterly revenue was up 1.5% on a year-over-year basis. Equities analysts anticipate that 3M Company will post 9.14 EPS for the current year.

3M Announces Dividend

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

3M declared that its board has initiated a stock repurchase program on Wednesday, November 4th that permits the company to repurchase $6 billion in shares. This buyback authorization permits the conglomerate to purchase up to 6.6% of its shares through open market purchases. Share buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

MMM has been the subject of several research reports. Mizuho upped their price target on shares of 3M from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Argus assumed coverage on shares of 3M in a research report on Wednesday, November 4th. They set a "strong-buy" rating on the stock. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $191.00 to $210.00 and gave the company an "overweight" rating in a research note on Wednesday, November 4th. Weiss Ratings raised shares of 3M from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 23rd. Finally, Sanford C. Bernstein increased their target price on shares of 3M from $171.00 to $197.00 and gave the stock a "market perform" rating in a research note on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.

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