Albar Capital Partners LLP Purchases New Shares in 3M (NYSE:MMM)

Albar Capital Partners LLP bought a new stake in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 140,173 shares of the conglomerate's stock, valued at approximately $18,095,000. 3M accounts for about 4.3% of Albar Capital Partners LLP's portfolio, making the stock its 10th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. 4WEALTH Advisors Inc. purchased a new stake in shares of 3M in the fourth quarter worth approximately $439,000. Wahed Invest LLC lifted its position in shares of 3M by 3.7% during the fourth quarter. Wahed Invest LLC now owns 13,920 shares of the conglomerate's stock worth $1,797,000 after purchasing an additional 498 shares during the last quarter. South Plains Financial Inc. purchased a new stake in shares of 3M during the fourth quarter valued at $63,000. Mercer Global Advisors Inc. ADV grew its holdings in shares of 3M by 17.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 60,871 shares of the conglomerate's stock worth $7,858,000 after purchasing an additional 8,873 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in 3M by 5.5% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 152,662 shares of the conglomerate's stock worth $19,707,000 after buying an additional 7,900 shares during the period. Institutional investors own 65.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MMM. Barclays boosted their price objective on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Royal Bank of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and a consensus target price of $147.00.

3M Stock Down 0.9 %

Shares of MMM stock traded down $1.30 during trading hours on Monday, reaching $140.78. 2,623,470 shares of the company's stock were exchanged, compared to its average volume of 4,043,871. 3M has a fifty-two week low of $95.01 and a fifty-two week high of $156.35. The stock's 50 day moving average is $142.33 and its 200-day moving average is $138.38. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $75.77 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 2.07%. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is currently 36.87%.

About 3M

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.