Wise Wealth Partners Purchases Shares of 2,269 3M (NYSE:MMM)

Wise Wealth Partners purchased a new position in shares of 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,269 shares of the conglomerate's stock, valued at approximately $293,000.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of 3M during the fourth quarter valued at approximately $636,767,000. Invesco Ltd. grew its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new stake in 3M during the 4th quarter worth $175,110,000. Capital World Investors lifted its holdings in 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after buying an additional 1,248,093 shares in the last quarter. Finally, Amundi boosted its position in 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MMM shares. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Thursday, April 24th. Finally, Royal Bank of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

3M Stock Performance

MMM stock traded up $4.17 on Friday, reaching $142.07. The company's stock had a trading volume of 2,729,425 shares, compared to its average volume of 4,049,576. The firm has a fifty day moving average of $142.33 and a two-hundred day moving average of $138.37. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $76.46 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. 3M has a 52 week low of $95.01 and a 52 week high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.06%. 3M's dividend payout ratio (DPR) is 36.87%.

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.