Toronto Dominion Bank Purchases 1,961 Shares of 3M (NYSE:MMM)

Toronto Dominion Bank lifted its position in 3M (NYSE:MMM) by 0.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 276,937 shares of the conglomerate’s stock after acquiring an additional 1,961 shares during the period. Toronto Dominion Bank’s holdings in 3M were worth $35,749,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Shell Asset Management Co. bought a new stake in shares of 3M in the 4th quarter worth about $717,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of 3M by 3.2% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 41,418 shares of the conglomerate’s stock worth $5,347,000 after acquiring an additional 1,303 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of 3M by 10.4% in the 4th quarter. Rafferty Asset Management LLC now owns 50,861 shares of the conglomerate’s stock worth $6,566,000 after acquiring an additional 4,799 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of 3M in the 4th quarter worth about $2,258,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of 3M by 97.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,652 shares of the conglomerate’s stock worth $1,762,000 after acquiring an additional 6,752 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MMM. Citigroup lowered their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, May 10th. JPMorgan Chase & Co. raised their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Barclays raised their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $152.08.

3M Trading Up 2.9%

NYSE MMM opened at $153.11 on Monday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $82.40 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company’s 50-day simple moving average is $141.60 and its two-hundred day simple moving average is $139.47. 3M has a one year low of $96.76 and a one year high of $156.35.

3M (NYSE:MMM) last posted its 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 business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Equities analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. 3M’s dividend payout ratio is currently 36.87%.

3M 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.