51,799 Shares in 3M (NYSE:MMM) Bought by InvesTrust

by · The Cerbat Gem

InvesTrust bought a new stake in 3M (NYSE:MMM – Free Report) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 51,799 shares of the conglomerate’s stock, valued at approximately $6,687,000. 3M comprises 1.9% of InvesTrust’s portfolio, making the stock its 22nd largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. CVA Family Office LLC increased its holdings in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after buying an additional 79 shares in the last quarter. Harbour Investments Inc. grew its position in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after acquiring an additional 81 shares during the period. KMG Fiduciary Partners LLC increased its stake in shares of 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares in the last quarter. TCV Trust & Wealth Management Inc. raised its holdings in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. boosted its position in 3M by 3.3% during the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MMM shares. Royal Bank of Canada reduced their target price on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. JPMorgan Chase & Co. increased their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Barclays cut their price objective on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus target price of $144.33.

Check Out Our Latest Stock Report on 3M

3M Trading Up 0.9 %

MMM stock traded up $1.23 during trading on Wednesday, reaching $134.00. 2,069,774 shares of the stock were exchanged, compared to its average volume of 2,795,890. The business has a 50 day moving average price of $130.18 and a 200-day moving average price of $126.00. 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 firm has a market capitalization of $72.97 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% compared to the same quarter last year. On average, research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

About 3M

(Free Report)

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.

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