Wedmont Private Capital Invests $369,000 in 3M (NYSE:MMM)

Wedmont Private Capital bought a new position in 3M (NYSE:MMM – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,910 shares of the conglomerate’s stock, valued at approximately $369,000.

Other large investors have also recently modified their holdings of the company. Heritage Wealth Management LLC purchased a new position in shares of 3M in the second quarter worth about $41,000. Alaska Permanent Fund Corp grew its stake in 3M by 9,440.0% during the third quarter. Alaska Permanent Fund Corp now owns 477 shares of the conglomerate’s stock valued at $53,000 after acquiring an additional 472 shares in the last quarter. JFS Wealth Advisors LLC grew its stake in 3M by 55.1% during the third quarter. JFS Wealth Advisors LLC now owns 490 shares of the conglomerate’s stock valued at $54,000 after acquiring an additional 174 shares in the last quarter. TD Capital Management LLC purchased a new position in 3M during the third quarter valued at approximately $58,000. Finally, Horan Securities Inc. grew its stake in 3M by 33.3% during the third quarter. Horan Securities Inc. now owns 593 shares of the conglomerate’s stock valued at $66,000 after acquiring an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MMM. Barclays reduced their price objective on shares of 3M from $130.00 to $122.00 and set an “underweight” rating for the company in a research note on Wednesday, January 25th. StockNews.com began coverage on shares of 3M in a research note on Thursday. They set a “hold” rating for the company. UBS Group reduced their price objective on shares of 3M from $124.00 to $115.00 in a research note on Wednesday, January 25th. Citigroup boosted their price objective on shares of 3M from $117.00 to $126.00 and gave the company a “neutral” rating in a research note on Friday, December 9th. Finally, Royal Bank of Canada cut their price target on shares of 3M from $113.00 to $106.00 in a research note on Wednesday, January 25th. Three analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and an average price target of $125.92.

3M Trading Down 1.1 %

Shares of MMM opened at $103.02 on Friday. The firm has a market cap of $56.71 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 1.25 and a beta of 0.96. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 1.54. 3M has a fifty-two week low of $100.27 and a fifty-two week high of $154.66. The firm has a 50 day moving average price of $114.23 and a 200-day moving average price of $118.65.

3M (NYSE:MMM – Get Rating) last announced its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.06). The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.09 billion. 3M had a return on equity of 39.72% and a net margin of 16.88%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.31 earnings per share. As a group, equities research analysts forecast that 3M will post 8.65 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, March 12th. Stockholders of record on Friday, February 17th were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.82%. This is a positive change from 3M’s previous quarterly dividend of $1.49. The ex-dividend date of this dividend was Thursday, February 16th. 3M’s payout ratio is presently 59.11%.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.