Philip James Wealth Mangement LLC Buys Shares of 50,724 3M (NYSE:MMM)

Philip James Wealth Mangement LLC purchased a new position in 3M (NYSE:MMM - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 50,724 shares of the conglomerate's stock, valued at approximately $6,934,000. 3M makes up about 0.9% of Philip James Wealth Mangement LLC's investment portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. McClarren Financial Advisors Inc. increased its holdings 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 acquiring an additional 121 shares during the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the second quarter worth $28,000. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate's stock worth $31,000 after buying an additional 269 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of 3M during the 2nd quarter valued at about $33,000. Finally, Gradient Investments LLC raised its stake in 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate's stock worth $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Price Performance

MMM stock traded up $1.27 during trading hours on Friday, hitting $134.34. 3,376,744 shares of the stock traded hands, compared to its average volume of 4,891,954. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a 50-day simple moving average of $132.82 and a 200 day simple moving average of $116.50. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a market cap of $73.16 billion, a P/E ratio of 16.96, a P/E/G ratio of 2.03 and a beta of 0.95.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business's revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.68 EPS. Equities analysts forecast that 3M will post 7.28 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 3M's dividend payout ratio (DPR) is 35.35%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They set an "underweight" rating and a $125.00 target price for the company. JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. StockNews.com downgraded shares of 3M from a "buy" rating to a "hold" rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and increased their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Wells Fargo & Company raised their price target on shares of 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of "Hold" and an average price target of $139.27.

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.