True Wealth Design LLC Increases Stock Position in 3M (NYSE:MMM)

True Wealth Design LLC boosted its holdings in 3M (NYSE:MMM) by 2,466.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308 shares of the conglomerate’s stock after purchasing an additional 296 shares during the quarter. True Wealth Design LLC’s holdings in 3M were worth $42,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MMM. Edgestream Partners L.P. boosted its stake in shares of 3M by 39.3% during the third quarter. Edgestream Partners L.P. now owns 41,789 shares of the conglomerate’s stock worth $5,713,000 after buying an additional 11,792 shares during the period. NCM Capital Management LLC raised its stake in 3M by 117.3% during the 3rd quarter. NCM Capital Management LLC now owns 12,710 shares of the conglomerate’s stock valued at $1,737,000 after acquiring an additional 6,860 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in 3M during the 3rd quarter worth approximately $19,789,000. Appian Way Asset Management LP purchased a new position in shares of 3M in the 3rd quarter valued at approximately $5,586,000. Finally, CWS Financial Advisors LLC acquired a new position in shares of 3M in the third quarter valued at approximately $243,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.8 %

NYSE:MMM opened at $133.53 on Monday. The company has a market capitalization of $72.72 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The stock has a fifty day simple moving average of $132.39 and a 200-day simple moving average of $120.43. 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) last announced its quarterly 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. The company had revenue of $6.29 billion for 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 revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.68 earnings per share. On average, equities research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MMM. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Mizuho raised 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. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.87.

About 3M

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.