InvesTrust Makes New Investment in 3M (NYSE:MMM)

InvesTrust acquired a new stake in 3M (NYSE:MMM) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 51,799 shares of the conglomerate’s stock, valued at approximately $6,687,000. 3M makes up approximately 1.9% of InvesTrust’s investment portfolio, making the stock its 22nd largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. D.A. Davidson & CO. grew its stake in shares of 3M by 16.2% during the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares during the last quarter. Franklin Resources Inc. grew its position in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after acquiring an additional 178,450 shares during the last quarter. Ballentine Partners LLC grew its position in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after acquiring an additional 5,210 shares during the last quarter. Stonegate Investment Group LLC lifted its position in 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the last quarter. Finally, Ausdal Financial Partners Inc. boosted its stake in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.9 %

Shares of MMM traded up $1.23 on Wednesday, hitting $134.00. 2,069,774 shares of the stock traded hands, compared to its average volume of 2,795,890. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market capitalization of $72.97 billion, a PE ratio of 16.92, a P/E/G ratio of 2.15 and a beta of 0.95. The business has a 50 day simple moving average of $130.18 and a 200 day simple moving average of $126.00. 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 quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the business earned $2.68 earnings per share. The company’s revenue was down 24.3% on a year-over-year basis. As a group, equities analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.09%. 3M’s dividend payout ratio is presently 35.35%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Royal Bank of Canada lowered their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.33.

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.