Balboa Wealth Partners Purchases New Shares in 3M (NYSE:MMM)

Balboa Wealth Partners acquired a new position in shares of 3M (NYSE:MMM) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,296 shares of the conglomerate’s stock, valued at approximately $314,000.

A number of other large investors also recently bought and sold shares of MMM. MFA Wealth Advisors LLC purchased a new position in 3M during the 2nd quarter worth $28,000. Daymark Wealth Partners LLC raised its position in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. raised its position in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. raised its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in 3M during the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. Barclays upped 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 Wednesday, October 23rd. Wells Fargo & Company increased their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Bank of America increased their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

3M stock opened at $129.76 on Friday. The stock has a market capitalization of $70.66 billion, a P/E ratio of 16.38, a P/E/G ratio of 2.17 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm’s 50-day moving average is $132.78 and its two-hundred day moving average is $117.60.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 earnings per share. Equities analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M 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.