Toronto Dominion Bank Acquires 6,272 Shares of 3M (NYSE:MMM)

Toronto Dominion Bank grew its holdings in 3M (NYSE:MMM) by 1.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 333,402 shares of the conglomerate’s stock after buying an additional 6,272 shares during the period. Toronto Dominion Bank owned approximately 0.06% of 3M worth $35,364,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Tributary Capital Management LLC purchased a new position in 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of 3M during the 1st quarter valued at approximately $32,000. Livelsberger Financial Advisory purchased a new stake in 3M during the 4th quarter valued at $35,000. Finally, Cape Investment Advisory Inc. raised its holdings in 3M by 42.8% during the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after buying an additional 116 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Stock Up 23.0 %

Shares of MMM traded up $23.75 during midday trading on Friday, reaching $127.14. 32,713,519 shares of the stock were exchanged, compared to its average volume of 5,414,272. 3M has a 52 week low of $71.12 and a 52 week high of $128.02. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company’s 50 day moving average is $102.05 and its two-hundred day moving average is $98.83. The company has a market capitalization of $70.35 billion, a P/E ratio of -10.00, a PEG ratio of 1.92 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company earned $2.17 EPS. On average, sell-side analysts anticipate that 3M will post 7.17 earnings per share for the current year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MMM shares. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Citigroup increased their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. 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. Finally, Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus price target of $112.17.

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.