Signaturefd LLC Boosts Stock Position in 3M (NYSE:MMM)

Signaturefd LLC raised its position in shares of 3M (NYSE:MMM) by 36.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,913 shares of the conglomerate’s stock after purchasing an additional 2,386 shares during the quarter. Signaturefd LLC’s holdings in 3M were worth $974,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MMM. Briaud Financial Planning Inc purchased a new stake in shares of 3M during the third quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of 3M in the third quarter worth approximately $37,000. CGC Financial Services LLC grew its stake in shares of 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the period. VisionPoint Advisory Group LLC raised its holdings in shares of 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 purchasing an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel bought a new position in 3M during the third quarter valued at approximately $44,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MMM. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Bank of America dropped their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada reduced their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Finally, Citigroup raised their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $104.00.

3M Stock Performance

Shares of NYSE:MMM opened at $92.61 on Tuesday. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The firm’s 50 day simple moving average is $95.72 and its two-hundred day simple moving average is $97.40. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company earned $2.28 EPS. 3M’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts anticipate that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.52%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.38% of the company’s stock.

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.