PUREfi Wealth LLC Makes New Investment in 3M (NYSE:MMM)

PUREfi Wealth LLC acquired a new position in shares of 3M (NYSE:MMM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,335 shares of the conglomerate's stock, valued at approximately $430,000.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after buying an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of 3M during the third quarter worth about $82,208,000. Parsifal Capital Management LP lifted its position in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock worth $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in 3M by 39.1% in the third quarter. Bank of Montreal Can now owns 1,099,794 shares of the conglomerate's stock valued at $151,002,000 after acquiring an additional 308,912 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.2 %

Shares of 3M stock traded up $0.23 during trading on Tuesday, hitting $148.85. 2,601,277 shares of the stock traded hands, compared to its average volume of 3,990,544. The stock has a market cap of $80.81 billion, a P/E ratio of 19.71, a PEG ratio of 3.37 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The company has a fifty day moving average price of $139.15 and a two-hundred day moving average price of $134.03.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the business earned $2.42 EPS. The firm's revenue was down 25.0% compared to the same quarter last year. Equities research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, February 14th. 3M's payout ratio is currently 37.09%.

Analysts Set New Price Targets

Several equities analysts have commented on MMM shares. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Melius raised 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of 3M in a research note on Saturday, February 1st. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Bank of America boosted their price target on 3M from $160.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.87.

Insiders Place Their Bets

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares of the company's stock, valued at $734,564.70. The trade was a 57.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 in the last three months. Company insiders own 0.34% of the company's stock.

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.