Philip James Wealth Mangement LLC Makes New $6.93 Million Investment in 3M (NYSE:MMM)

Philip James Wealth Mangement LLC purchased a new stake in 3M (NYSE:MMM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 50,724 shares of the conglomerate’s stock, valued at approximately $6,934,000. 3M accounts for about 0.9% of Philip James Wealth Mangement LLC’s investment portfolio, making the stock its 25th largest position.

Several other hedge funds have also made changes to their positions in MMM. GSA Capital Partners LLP bought a new stake in shares of 3M during the first quarter valued at approximately $937,000. Geneos Wealth Management Inc. raised its stake in shares of 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after buying an additional 105 shares in the last quarter. Empirical Finance LLC boosted its position in shares of 3M by 3.5% during the 1st quarter. Empirical Finance LLC now owns 20,113 shares of the conglomerate’s stock valued at $2,133,000 after acquiring an additional 675 shares in the last quarter. LSV Asset Management increased its stake in 3M by 25.3% in the first quarter. LSV Asset Management now owns 12,400 shares of the conglomerate’s stock valued at $1,315,000 after acquiring an additional 2,500 shares during the period. Finally, AIA Group Ltd raised its position in 3M by 766.5% in the first quarter. AIA Group Ltd now owns 19,506 shares of the conglomerate’s stock worth $2,069,000 after purchasing an additional 17,255 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada lifted their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, July 30th. Finally, Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average price target of $139.27.

3M Trading Up 0.3 %

Shares of MMM traded up $0.34 during trading hours on Friday, hitting $133.41. 884,116 shares of the stock traded hands, compared to its average volume of 4,879,763. The business has a fifty day moving average of $132.83 and a 200-day moving average of $116.09. The firm has a market capitalization of $72.65 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 2.03 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its earnings results 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 company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the company posted $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. Analysts expect that 3M will post 7.28 EPS for the current year.

3M Announces Dividend

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