KWB Wealth Purchases Shares of 2,654 3M (NYSE:MMM)

KWB Wealth purchased a new stake in shares of 3M (NYSE:MMM) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,654 shares of the conglomerate’s stock, valued at approximately $281,000.

Other large investors have also added to or reduced their stakes in the company. Jade Capital Advisors LLC purchased a new stake in 3M during the fourth quarter valued at about $4,373,000. MWA Asset Management purchased a new position in 3M during the 4th quarter valued at about $1,723,000. Scarborough Advisors LLC purchased a new position in 3M during the 4th quarter valued at about $978,000. Diversified Trust Co boosted its position in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after acquiring an additional 263 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its position in 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on MMM shares. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their target price for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Citigroup boosted their target price 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $111.58.

3M Price Performance

Shares of NYSE:MMM remained flat at $101.62 during midday trading on Thursday. The stock had a trading volume of 1,230,776 shares, compared to its average volume of 3,665,243. The firm has a market cap of $56.23 billion, a P/E ratio of -7.99, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. 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 50-day simple moving average of $99.75 and a two-hundred day simple moving average of $99.16. 3M has a 52-week low of $71.12 and a 52-week high of $106.04.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the prior year, the firm posted $1.97 EPS. Research analysts expect that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.76%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

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.