Legacy Wealth Asset Management LLC Boosts Stock Holdings in 3M (NYSE:MMM)

Legacy Wealth Asset Management LLC increased its position in shares of 3M (NYSE:MMM) by 9.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,022 shares of the conglomerate’s stock after buying an additional 839 shares during the period. Legacy Wealth Asset Management LLC’s holdings in 3M were worth $1,294,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CVA Family Office LLC boosted its stake in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after acquiring an additional 79 shares in the last quarter. Wynn Capital LLC raised its holdings in 3M by 0.7% in the 4th quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock worth $1,509,000 after purchasing an additional 80 shares during the period. Harbour Investments Inc. raised its holdings in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after purchasing an additional 81 shares during the period. KMG Fiduciary Partners LLC boosted its position in 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its holdings in 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMM. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Barclays decreased their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Bank of America boosted their target price 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. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

3M Stock Up 1.0 %

Shares of NYSE:MMM opened at $139.19 on Friday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The stock has a market cap of $75.79 billion, a P/E ratio of 17.57, a PEG ratio of 2.01 and a beta of 0.95. The business has a fifty day moving average of $130.99 and a two-hundred day moving average of $127.20. 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 data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $6.06 billion. During the same quarter in the prior year, the firm posted $2.68 earnings per share. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. On average, research analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.01%. 3M’s dividend payout ratio is currently 35.35%.

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.