Shum Financial Group Inc. Takes Position in 3M (NYSE:MMM)

Shum Financial Group Inc. acquired a new position in 3M (NYSE:MMM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,144 shares of the conglomerate’s stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors have also modified their holdings of MMM. Gabelli Funds LLC boosted its stake in 3M by 20.3% during the first quarter. Gabelli Funds LLC now owns 2,225 shares of the conglomerate’s stock worth $236,000 after buying an additional 375 shares in the last quarter. Janus Henderson Group PLC boosted its stake in 3M by 1,015.6% during 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 in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in 3M by 11.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 42,168 shares of the conglomerate’s stock worth $4,473,000 after buying an additional 4,370 shares in the last quarter. Motley Fool Asset Management LLC boosted its stake in 3M by 10.8% during the first quarter. Motley Fool Asset Management LLC now owns 18,022 shares of the conglomerate’s stock worth $1,912,000 after buying an additional 1,760 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in 3M by 8.1% during the first quarter. Tidal Investments LLC now owns 47,993 shares of the conglomerate’s stock worth $5,085,000 after buying an additional 3,597 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

3M stock remained flat at $130.32 during trading hours on Tuesday. The company’s stock had a trading volume of 165,239 shares, compared to its average volume of 4,772,431. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $70.97 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The business has a 50 day moving average of $132.48 and a 200 day moving average of $119.51.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.68 earnings per share. Research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus price target 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.