Assetmark Inc. Has $89,000 Holdings in 3M (NYSE:MMM)

Assetmark Inc. grew its stake in shares of 3M (NYSE:MMM) by 51.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 651 shares of the conglomerate’s stock after acquiring an additional 220 shares during the period. Assetmark Inc.’s holdings in 3M were worth $89,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MMM. MFA Wealth Advisors LLC bought a new position in shares of 3M during the second quarter worth approximately $28,000. Daymark Wealth Partners LLC increased its holdings in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. increased its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M during the second quarter worth approximately $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Bank of America lifted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating 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 stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Performance

NYSE MMM opened at $129.79 on Monday. The firm’s fifty day moving average price is $132.80 and its two-hundred day moving average price is $118.15. The stock has a market cap of $70.68 billion, a PE ratio of 16.39, a PEG ratio of 2.15 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last posted 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 firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.68 earnings per share. On average, equities analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s payout ratio is presently 35.35%.

About 3M

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.