True Vision MN LLC Boosts Position in 3M (NYSE:MMM)

True Vision MN LLC grew its stake in shares of 3M (NYSE:MMM) by 11.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,567 shares of the conglomerate’s stock after purchasing an additional 552 shares during the period. True Vision MN LLC’s holdings in 3M were worth $761,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MMM. CreativeOne Wealth LLC boosted its position in 3M by 52.2% during the 3rd quarter. CreativeOne Wealth LLC now owns 13,433 shares of the conglomerate’s stock valued at $1,836,000 after acquiring an additional 4,605 shares in the last quarter. Blueshift Asset Management LLC lifted its stake in shares of 3M by 254.4% in the 3rd quarter. Blueshift Asset Management LLC now owns 7,956 shares of the conglomerate’s stock valued at $1,088,000 after purchasing an additional 5,711 shares during the period. Freedom Investment Management Inc. boosted its position in shares of 3M by 2.5% during the third quarter. Freedom Investment Management Inc. now owns 9,498 shares of the conglomerate’s stock valued at $1,298,000 after purchasing an additional 231 shares in the last quarter. Transamerica Financial Advisors Inc. grew its stake in 3M by 35.7% in the third quarter. Transamerica Financial Advisors Inc. now owns 2,400 shares of the conglomerate’s stock worth $329,000 after purchasing an additional 632 shares during the period. Finally, Shum Financial Group Inc. bought a new position in 3M in the third quarter worth $271,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MMM. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Mizuho boosted their price objective 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. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Performance

NYSE MMM traded up $1.46 during trading hours 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 company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market cap of $73.19 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 2.16 and a beta of 0.95. The company’s 50 day simple moving average is $132.46 and its two-hundred day simple moving average is $119.75. 3M has a 12 month low of $75.40 and a 12 month high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data 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 net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, sell-side analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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 annualized dividend and a dividend yield of 2.08%. 3M’s payout ratio is 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.