Truvestments Capital LLC Acquires 462 Shares of 3M (NYSE:MMM)

Truvestments Capital LLC boosted its holdings in 3M (NYSE:MMM) by 1.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 26,810 shares of the conglomerate’s stock after purchasing an additional 462 shares during the quarter. 3M makes up 1.0% of Truvestments Capital LLC’s portfolio, making the stock its 18th largest position. Truvestments Capital LLC’s holdings in 3M were worth $3,665,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC boosted its stake in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. raised its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new stake in 3M in the second quarter worth about $33,000. 65.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MMM shares. Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 0.5 %

MMM opened at $129.00 on Monday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The firm has a market capitalization of $70.25 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company’s 50 day simple moving average is $132.56 and its two-hundred day simple moving average is $119.28.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period last year, the business earned $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. Analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.