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

True Wealth Design LLC boosted its position in 3M (NYSE:MMM) by 2,466.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 308 shares of the conglomerate’s stock after acquiring an additional 296 shares during the period. True Wealth Design LLC’s holdings in 3M were worth $42,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. CVA Family Office LLC grew its position in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the period. Harbour Investments Inc. increased its stake in shares of 3M by 0.8% during the 3rd 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 during the last quarter. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% during the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC boosted its position in shares of 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after acquiring an additional 84 shares during 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. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

MMM opened at $133.53 on Monday. 3M has a twelve month low of $75.40 and a twelve month high of $141.34. The firm has a market cap of $72.72 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.21 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The company has a fifty day simple moving average of $132.39 and a 200 day simple moving average of $120.43.

3M (NYSE:MMM) last announced 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 the consensus estimate of $6.06 billion. During the same period last year, the firm earned $2.68 earnings per share. The company’s revenue was down 24.3% on a year-over-year basis. Equities research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 3M’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent analyst reports. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Barclays boosted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.