Cruiser Capital Advisors LLC Acquires Shares of 21,672 3M (NYSE:MMM)

Cruiser Capital Advisors LLC acquired a new stake in shares of 3M (NYSE:MMM) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,672 shares of the conglomerate’s stock, valued at approximately $2,369,000. 3M accounts for approximately 3.6% of Cruiser Capital Advisors LLC’s investment portfolio, making the stock its 9th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. Shoker Investment Counsel Inc. boosted its holdings in shares of 3M by 49.7% in the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the period. Jade Capital Advisors LLC bought a new position in shares of 3M in the fourth quarter worth $4,373,000. MWA Asset Management bought a new position in shares of 3M in the fourth quarter worth $1,723,000. Diversified Trust Co boosted its holdings in shares of 3M by 1.4% in the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in shares of 3M in the third quarter worth $11,908,000. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $105.00 to $120.00 in a research report on Friday. UBS Group raised their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their price target for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $110.36.

3M Stock Up 0.7 %

3M stock traded up $0.69 during trading hours on Tuesday, hitting $101.35. 2,831,521 shares of the stock traded hands, compared to its average volume of 5,667,847. The firm’s 50-day moving average price is $96.67 and its two-hundred day moving average price is $99.19. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company has a market cap of $56.08 billion, a PE ratio of -7.97, a PEG ratio of 1.90 and a beta of 0.96. 3M has a one year low of $71.12 and a one year high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the previous year, the firm posted $1.97 EPS. On average, research analysts forecast that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. 3M’s payout ratio is currently -22.01%.

3M Company 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.