Freedom Investment Management Inc. Purchases 231 Shares of 3M (NYSE:MMM)

Freedom Investment Management Inc. boosted its position in 3M (NYSE:MMM) by 2.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,498 shares of the conglomerate’s stock after purchasing an additional 231 shares during the quarter. Freedom Investment Management Inc.’s holdings in 3M were worth $1,298,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. CVA Family Office LLC raised its holdings in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares in the last quarter. Harbour Investments Inc. increased its holdings in shares of 3M by 0.8% during the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after acquiring an additional 81 shares in the last quarter. Fortis Capital Advisors LLC increased its holdings in shares of 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC increased its holdings in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. increased its holdings in shares of 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after acquiring an additional 84 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Down 0.4 %

Shares of MMM stock opened at $132.46 on Thursday. The stock has a 50 day simple moving average of $132.45 and a 200-day simple moving average of $119.84. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a market cap of $72.13 billion, a price-to-earnings ratio of 16.72, a PEG 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 announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business earned $2.68 earnings per share. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, equities research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 2.11%. 3M’s payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent analyst reports. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company upped 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.87.

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.