Adamsbrown Wealth Consultants LLC Boosts Position in 3M (NYSE:MMM)

Adamsbrown Wealth Consultants LLC boosted its position in shares of 3M (NYSE:MMM) by 3.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,358 shares of the conglomerate’s stock after acquiring an additional 203 shares during the quarter. Adamsbrown Wealth Consultants LLC’s holdings in 3M were worth $536,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its holdings in 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after purchasing an additional 6,647,593 shares during the period. Norges Bank bought a new position in shares of 3M in the fourth quarter worth about $369,974,000. Renaissance Technologies LLC boosted its stake in shares of 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after acquiring an additional 1,288,400 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of 3M by 9.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,132,871 shares of the conglomerate’s stock worth $1,567,502,000 after acquiring an additional 1,116,821 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in shares of 3M by 112.8% in the first quarter. Neuberger Berman Group LLC now owns 1,822,588 shares of the conglomerate’s stock worth $191,461,000 after acquiring an additional 966,287 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MMM shares. VNET Group reaffirmed a “maintains” rating on shares of 3M in a research note on Tuesday, June 27th. Morgan Stanley upgraded 3M from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $102.00 to $113.00 in a research report on Thursday, August 31st. StockNews.com assumed coverage on 3M in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Barclays boosted their target price on 3M from $93.00 to $96.00 in a research report on Wednesday, July 26th. Finally, Mizuho reiterated a “neutral” rating and issued a $120.00 target price on shares of 3M in a research report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $113.08.

3M Trading Down 0.3 %

Shares of NYSE:MMM opened at $100.75 on Tuesday. 3M has a 52-week low of $92.38 and a 52-week high of $133.91. The business’s 50 day moving average is $104.39 and its 200 day moving average is $102.92. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.44 and a quick ratio of 0.96.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.44. 3M had a positive return on equity of 38.99% and a negative net margin of 4.43%. The company had revenue of $7.99 billion for the quarter, compared to analysts’ expectations of $7.88 billion. During the same quarter in the prior year, the firm earned $2.48 earnings per share. 3M’s revenue was down 8.1% compared to the same quarter last year. Sell-side analysts predict that 3M will post 8.95 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Monday, August 21st were issued a $1.50 dividend. The ex-dividend date was Friday, August 18th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.96%. 3M’s dividend payout ratio is presently -211.27%.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.