3M (NYSE:MMM) Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC lifted its stake in shares of 3M (NYSE:MMM) by 10.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,861 shares of the conglomerate’s stock after purchasing an additional 4,799 shares during the quarter. Rafferty Asset Management LLC’s holdings in 3M were worth $6,566,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of 3M during the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $26,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter worth approximately $27,000. Daymark Wealth Partners LLC raised its position in shares of 3M by 9.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. increased its position in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after acquiring an additional 214 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup lowered their target price on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $152.08.

3M Stock Performance

Shares of NYSE MMM opened at $153.11 on Friday. The stock has a fifty day moving average price of $141.60 and a two-hundred day moving average price of $139.40. 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 firm has a market cap of $82.40 billion, a P/E ratio of 20.28, a PEG ratio of 3.30 and a beta of 1.02. 3M has a 1 year low of $96.76 and a 1 year high of $156.35.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. Research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.91%. 3M’s dividend payout ratio is presently 36.87%.

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.