Quest Partners LLC Invests $1.14 Million in 3M (NYSE:MMM)

Quest Partners LLC acquired a new position in 3M (NYSE:MMM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,413 shares of the conglomerate's stock, valued at approximately $1,138,000.

A number of other hedge funds have also recently made changes to their positions in the stock. CGC Financial Services LLC lifted its stake in 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate's stock valued at $37,000 after acquiring an additional 160 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of 3M during the 3rd quarter worth $35,000. Authentikos Wealth Advisory LLC bought a new stake in 3M during the 3rd quarter worth approximately $37,000. VisionPoint Advisory Group LLC raised its holdings in 3M by 91.9% during the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate's stock valued at $42,000 after acquiring an additional 215 shares during the period. Finally, HHM Wealth Advisors LLC lifted its position in shares of 3M by 275.6% in the third quarter. HHM Wealth Advisors LLC now owns 477 shares of the conglomerate's stock valued at $45,000 after acquiring an additional 350 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MMM shares. Royal Bank of Canada boosted their price target on 3M from $78.00 to $87.00 and gave the stock an "underperform" rating in a report on Wednesday, May 1st. HSBC raised shares of 3M from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Wells Fargo & Company cut their price target on 3M from $112.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 24th. Barclays decreased their price objective on 3M from $126.00 to $107.00 and set an "overweight" rating for the company in a research note on Tuesday, April 2nd. Finally, Mizuho reiterated a "neutral" rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $107.55.

3M Price Performance

MMM traded down $2.03 on Tuesday, hitting $103.18. 4,602,396 shares of the company's stock were exchanged, compared to its average volume of 5,734,489. The firm has a 50-day moving average price of $97.83 and a 200-day moving average price of $98.57. The stock has a market cap of $57.10 billion, a price-to-earnings ratio of -8.23, a P/E/G ratio of 1.94 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analysts' expectations of $7.64 billion. During the same quarter in the prior year, the company earned $1.97 EPS. As a group, equities analysts anticipate that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M's dividend payout ratio (DPR) is presently -47.48%.

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.