Drive Wealth Management LLC bought a new stake in shares of 3M (NYSE:MMM – Get Rating ) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,738 shares of the conglomerate’s stock, valued at approximately $448,000.
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A number of other hedge funds and other institutional investors have also modified their holdings of the company. Markel Corp boosted its position in shares of 3M by 6.5% in the first quarter. Markel Corp. now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after acquiring an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC boosted its holdings in 3M by 5.3% in the first quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after purchasing an additional 326 shares during the last quarter. Dakota Wealth Management purchased a new position in shares of 3M in the first quarter valued at $246,000. Empirical Financial Services LLC dba Empirical Asset Management boosted its position in shares of 3M by 17.6% in the first quarter. Empirical Financial Services LLC dba Empirical Asset Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after buying an additional 977 shares during the period. Finally, Covestor Ltd grew its position in shares of 3M by 73.0% in the first quarter. Covester Ltd. now owns 1,275 shares of the company’s stock worth $190,000 after buying an additional 538 shares during the period. Institutional investors and hedge funds own 65.61% of the company’s stock.
Wall Street analysts forecast growth
Several analysts have commented on the stock. Royal Bank of Canada lifted their target price on shares of 3M from $143.00 to $148.00 and gave the stock a “sector perform” rating in a report on Thursday, March 30th. Barclays reduced their price target on 3M from $105.00 to $103.00 and set an “underweight” rating for the company in a report on Thursday. Mizuho reduced their target price on 3M from $130.00 to $120.00 and set a “neutral” rating on the stock in a report on Thursday, January 26th. UBS Group lowered their price target on 3M from $124.00 to $115.00 in a research note on Wednesday, January 25th. Finally, StockNews.com began coverage on shares of 3M in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $127.69, according to MarketBeat.
3M stock down 0.7%
3M stock opened at $101.56 on Friday. 3M has a twelve month low of $100.16 and a twelve month high of $154.66. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The company has a 50 day moving average of $108.20 and a 200 day moving average of $116.81. The stock has a market capitalization of $56.01 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 1.24 and a beta of 0.95.
3M (NYSE:MMM – Get Ratings ) last announced its earnings results on Tuesday, January 24th. The group reported $2.28 earnings per share for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.06). 3M had a return on equity of 39.72% and a net margin of 16.88%. The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. In the same period of the previous year, the company earned $2.31 per share. 3M’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities research analysts anticipate that 3M will post 8.65 EPS for the current fiscal year.
3M raises dividend
The company also recently declared a quarterly dividend, which was paid on Sunday, March 12th. Shareholders of record on Friday, February 17th were given a $1.50 dividend. This is an increase from 3M’s previous quarterly dividend of $1.49. The ex-dividend date of this dividend was Thursday, 16th of February. This represents a $6.00 annual dividend and a yield of 5.91%. 3M’s payout ratio is currently 59.11%.
3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Defense & Industrial, Transportation & Electronics, Health Care, Consumer, and Corporate & Unlocated. The safety and industrial sector includes personal protection, industrial adhesives and tapes, abrasives, sealing and masking systems, the electrical market, the automotive aftermarket, and roofing granules.
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