Sound Income Strategies LLC Increases Stock Holdings in 3M (NYSE:MMM)

Sound Income Strategies LLC boosted its stake in 3M (NYSE:MMM) by 10.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,309 shares of the conglomerate’s stock after acquiring an additional 303 shares during the period. Sound Income Strategies LLC’s holdings in 3M were worth $427,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. FSA Wealth Management LLC bought a new stake in shares of 3M during the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. ORG Partners LLC increased its stake in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC lifted its position in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MMM shares. Citigroup upped their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. JPMorgan Chase & Co. lifted their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Trading Down 0.0 %

3M stock opened at $149.61 on Friday. 3M has a 52-week low of $75.40 and a 52-week high of $152.08. The company has a market cap of $81.47 billion, a P/E ratio of 19.82, a P/E/G ratio of 2.46 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business has a 50-day simple moving average of $132.43 and a two-hundred day simple moving average of $128.82.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. Analysts predict that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 37.09%.

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.