Wealth Architects LLC Purchases Shares of 1,753 3M (NYSE:MMM)

by · The Markets Daily

Wealth Architects LLC purchased a new position in shares of 3M (NYSE:MMM – Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,753 shares of the conglomerate’s stock, valued at approximately $240,000.

Other institutional investors also recently modified their holdings of the company. McClarren Financial Advisors Inc. grew its position in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. increased its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in 3M during the 2nd quarter worth approximately $33,000. Finally, Gradient Investments LLC lifted its position in shares of 3M by 44.7% in the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after purchasing an additional 110 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 5.8 %

Shares of NYSE MMM opened at $133.92 on Thursday. The business has a 50-day simple moving average of $132.83 and a two-hundred day simple moving average of $116.09. The company has a market cap of $72.93 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.03 and a beta of 0.95. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm’s revenue was down 24.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.68 earnings per share. Research analysts anticipate that 3M will post 7.28 earnings per share for the current fiscal year.

3M Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MMM. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Barclays lifted their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $139.27.

Get Our Latest Analysis on 3M

3M Profile

(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.

Featured Stories