WealthPlan Investment Management LLC Acquires New Position in 3M (NYSE:MMM)

WealthPlan Investment Management LLC acquired a new stake in 3M (NYSE:MMM – Get Rating) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,683 shares of the conglomerate’s stock, valued at approximately $213,000.

A number of other hedge funds have also recently modified their holdings of the company. Options Solutions LLC grew its holdings in shares of 3M by 3.1% in the second quarter. Options Solutions LLC now owns 2,454 shares of the conglomerate’s stock valued at $318,000 after purchasing an additional 73 shares during the period. Taylor Hoffman Wealth Management grew its holdings in shares of 3M by 1.3% in the third quarter. Taylor Hoffman Wealth Management now owns 5,977 shares of the conglomerate’s stock valued at $660,000 after purchasing an additional 77 shares during the period. Madison Wealth Management grew its holdings in shares of 3M by 1.3% in the third quarter. Madison Wealth Management now owns 6,086 shares of the conglomerate’s stock valued at $673,000 after purchasing an additional 78 shares during the period. Cadence Bank boosted its stake in 3M by 0.3% during the second quarter. Cadence Bank now owns 29,677 shares of the conglomerate’s stock worth $3,840,000 after buying an additional 79 shares during the period. Finally, Eagle Bay Advisors LLC boosted its stake in 3M by 2.8% during the second quarter. Eagle Bay Advisors LLC now owns 3,152 shares of the conglomerate’s stock worth $408,000 after buying an additional 87 shares during the period. Hedge funds and other institutional investors own 65.61% of the company’s stock.

3M Stock Down 1.1 %

Shares of NYSE:MMM opened at $103.02 on Friday. The firm’s 50 day moving average price is $114.23 and its 200 day moving average price is $118.69. The stock has a market cap of $56.71 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 1.25 and a beta of 0.96. 3M has a fifty-two week low of $100.27 and a fifty-two week high of $154.66. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.95.

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

3M Increases Dividend

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

Analyst Ratings Changes

Several research analysts have weighed in on MMM shares. UBS Group lowered their target price on shares of 3M from $124.00 to $115.00 in a research note on Wednesday, January 25th. Royal Bank of Canada lowered their target price on shares of 3M from $113.00 to $106.00 in a research note on Wednesday, January 25th. Mizuho lowered their target price on shares of 3M from $130.00 to $120.00 and set a “neutral” rating for the company in a research note on Thursday, January 26th. Citigroup increased their target price on shares of 3M from $117.00 to $126.00 and gave the stock a “neutral” rating in a research note on Friday, December 9th. Finally, Wells Fargo & Company lowered their target price on shares of 3M from $125.00 to $115.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 25th. Three research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $125.92.

3M Profile

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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.