2,006 Shares in 3M (NYSE:MMM) Purchased by Linscomb Wealth Inc.

Linscomb Wealth Inc. acquired a new position in shares of 3M (NYSE:MMM) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,006 shares of the conglomerate’s stock, valued at approximately $213,000.

Several other hedge funds have also bought and sold shares of MMM. Tributary Capital Management LLC bought a new stake in 3M during the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of 3M in the first quarter worth approximately $32,000. Livelsberger Financial Advisory bought a new position in shares of 3M in the fourth quarter worth approximately $35,000. Finally, Godsey & Gibb Inc. bought a new position in shares of 3M in the first quarter worth approximately $42,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MMM. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Wells Fargo & Company upped their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. StockNews.com assumed coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada raised their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $112.17.

3M Stock Performance

MMM traded up $23.77 during trading on Friday, hitting $127.16. The company’s stock had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a one year low of $71.12 and a one year high of $128.02. The firm has a market cap of $70.37 billion, a PE ratio of -10.00, a P/E/G ratio of 1.92 and a beta of 0.95. The business’s 50 day simple moving average is $102.05 and its 200-day simple moving average is $98.76.

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

3M Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s payout ratio is -22.01%.

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.