Iron Horse Wealth Management LLC Raises Stake in 3M (NYSE:MMM)

Iron Horse Wealth Management LLC lifted its holdings in shares of 3M (NYSE:MMM) by 505.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 611 shares of the conglomerate’s stock after buying an additional 510 shares during the quarter. Iron Horse Wealth Management LLC’s holdings in 3M were worth $65,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trexquant Investment LP grew its position in 3M by 448.0% in the 3rd quarter. Trexquant Investment LP now owns 43,787 shares of the conglomerate’s stock valued at $4,099,000 after buying an additional 35,796 shares during the last quarter. Bank of Nova Scotia raised its holdings in 3M by 11.7% during the third quarter. Bank of Nova Scotia now owns 61,541 shares of the conglomerate’s stock worth $5,762,000 after purchasing an additional 6,425 shares in the last quarter. Teza Capital Management LLC acquired a new stake in 3M in the third quarter valued at about $2,488,000. Ancora Advisors LLC boosted its holdings in 3M by 89.9% in the 3rd quarter. Ancora Advisors LLC now owns 32,580 shares of the conglomerate’s stock valued at $3,050,000 after purchasing an additional 15,423 shares in the last quarter. Finally, Kinloch Capital LLC increased its position in 3M by 2.5% during the 3rd quarter. Kinloch Capital LLC now owns 29,366 shares of the conglomerate’s stock worth $2,749,000 after purchasing an additional 712 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.9 %

Shares of NYSE:MMM traded down $0.98 during trading on Friday, reaching $102.19. The stock had a trading volume of 6,196,466 shares, compared to its average volume of 4,668,111. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The business has a fifty day moving average price of $99.23 and a 200-day moving average price of $99.26. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $106.04.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter last year, the firm earned $1.97 earnings per share. As a group, analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.74%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MMM. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. UBS Group raised their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Royal Bank of Canada upped their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Barclays lifted their price target on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Finally, Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $111.58.

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.