True Vision MN LLC Acquires 552 Shares of 3M (NYSE:MMM)

True Vision MN LLC boosted its stake in 3M (NYSE:MMM) by 11.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,567 shares of the conglomerate’s stock after acquiring an additional 552 shares during the period. True Vision MN LLC’s holdings in 3M were worth $761,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC bought a new position in 3M in the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC purchased a new position in 3M in the 3rd quarter valued at approximately $82,208,000. Finally, Bank of New York Mellon Corp raised its holdings in 3M by 11.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MMM shares. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Tuesday, July 30th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada increased their price target on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, October 23rd. Morgan Stanley started coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Finally, Barclays increased their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 1.1 %

3M stock traded up $1.46 during mid-day trading on Wednesday, hitting $134.41. The company’s stock had a trading volume of 96,652 shares, compared to its average volume of 4,764,665. The business has a 50 day moving average price of $132.46 and a 200-day moving average price of $119.75. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a market cap of $73.19 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating 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 company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the business posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a dividend of $0.70 per share. 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 2.08%. 3M’s dividend payout ratio is currently 35.35%.

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.