InvesTrust Buys Shares of 51,799 3M (NYSE:MMM)

InvesTrust purchased a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 51,799 shares of the conglomerate's stock, valued at approximately $6,687,000. 3M accounts for about 1.9% of InvesTrust's investment portfolio, making the stock its 22nd biggest holding.

Several other institutional investors have also modified their holdings of the business. FSA Wealth Management LLC bought a new position in shares of 3M during the third quarter worth about $27,000. Daymark Wealth Partners LLC grew its stake 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 worth $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. raised its holdings in shares of 3M by 118.6% in the third 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. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% in 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 in the last quarter. Finally, True Wealth Design LLC boosted its holdings in 3M by 2,466.7% during the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock worth $42,000 after purchasing an additional 296 shares during the last quarter. Institutional investors own 65.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Melius raised 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Royal Bank of Canada dropped their price target on shares of 3M from $100.00 to $96.00 and set an "underperform" rating on the stock in a research report on Friday, January 3rd. Finally, Mizuho lifted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.33.

3M Stock Performance

NYSE:MMM traded up $1.57 during mid-day trading on Wednesday, hitting $134.34. 4,675,096 shares of the stock were exchanged, compared to its average volume of 3,299,902. The firm's 50-day simple moving average is $130.18 and its 200 day simple moving average is $126.00. The stock has a market capitalization of $73.16 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter last year, the firm earned $2.68 earnings per share. The company's revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. 3M's dividend payout ratio is presently 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.