One68 Global Capital LLC Takes Position in 3M (NYSE:MMM)

One68 Global Capital LLC acquired a new stake in shares of 3M (NYSE:MMM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,630 shares of the conglomerate's stock, valued at approximately $1,759,000. 3M makes up about 0.9% of One68 Global Capital LLC's investment portfolio, making the stock its 24th largest position.

Several other hedge funds also recently made changes to their positions in the business. Tudor Financial Inc. acquired a new stake in shares of 3M during the 3rd quarter valued at $259,000. World Investment Advisors LLC lifted its holdings in shares of 3M by 22.4% during the third quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after purchasing an additional 2,155 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of 3M by 255.1% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock valued at $10,796,000 after purchasing an additional 56,734 shares during the period. Tidal Investments LLC increased its stake in 3M by 44.7% in the 3rd quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock worth $9,943,000 after purchasing an additional 22,461 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in 3M by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock worth $15,993,000 after buying an additional 830 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 3.0 %

NYSE:MMM traded up $4.17 during mid-day trading on Friday, reaching $142.07. The stock had a trading volume of 2,729,425 shares, compared to its average volume of 4,052,653. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market cap of $76.46 billion, a P/E ratio of 18.82, a PEG ratio of 3.30 and a beta of 1.01. The business's 50 day moving average is $142.33 and its 200 day moving average is $138.35. 3M has a fifty-two week low of $95.01 and a fifty-two week high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. As a group, sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.06%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 36.87%.

Analyst Upgrades and Downgrades

Several brokerages have commented on MMM. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday, April 24th. Royal Bank of Canada raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Barclays boosted their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Citigroup decreased their target price on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and a consensus price target of $147.00.

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.