3M (NYSE:MMM) Shares Purchased by Old North State Trust LLC

Old North State Trust LLC raised its holdings in 3M (NYSE:MMM) by 84.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,805 shares of the conglomerate’s stock after purchasing an additional 1,744 shares during the quarter. Old North State Trust LLC’s holdings in 3M were worth $520,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in MMM. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. MFA Wealth Advisors LLC acquired a new position in shares of 3M in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its holdings in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, True Wealth Design LLC grew its position in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after buying an additional 296 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MMM. Barclays upped their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Trading Down 0.0 %

Shares of 3M stock opened at $129.74 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The business’s fifty day moving average is $131.43 and its two-hundred day moving average is $121.97. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a market cap of $70.65 billion, a PE ratio of 16.38, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping 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 firm 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 business posted $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. Analysts anticipate that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

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.