Truvestments Capital LLC Raises Holdings in 3M (NYSE:MMM)

Truvestments Capital LLC increased its position in shares of 3M (NYSE:MMM) by 11.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,759 shares of the conglomerate’s stock after acquiring an additional 2,949 shares during the quarter. 3M makes up approximately 1.0% of Truvestments Capital LLC’s holdings, making the stock its 16th biggest holding. Truvestments Capital LLC’s holdings in 3M were worth $3,842,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Financial Life Planners acquired a new stake in 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new stake in 3M during the fourth quarter worth approximately $26,000. FSA Wealth Management LLC acquired a new stake in 3M during the third quarter worth approximately $27,000. Daymark Wealth Partners LLC boosted its position in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares during the last quarter. Finally, ORG Partners LLC boosted its position in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.1 %

NYSE MMM opened at $147.74 on Wednesday. 3M has a one year low of $81.23 and a one year high of $156.35. The company has a 50-day simple moving average of $145.26 and a 200-day simple moving average of $136.53. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm has a market capitalization of $80.21 billion, a PE ratio of 19.57, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the previous year, the business posted $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. On average, equities analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.98%. 3M’s dividend payout ratio is 38.68%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MMM. JPMorgan Chase & Co. lifted their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. Insiders own 0.38% of the company’s stock.

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.