Transamerica Financial Advisors Inc. Acquires 632 Shares of 3M (NYSE:MMM)

Transamerica Financial Advisors Inc. raised its holdings in 3M (NYSE:MMM) by 35.7% in the third quarter, Holdings Channel reports. The firm owned 2,400 shares of the conglomerate’s stock after purchasing an additional 632 shares during the period. Transamerica Financial Advisors Inc.’s holdings in 3M were worth $329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the 2nd quarter valued at $28,000. Daymark Wealth Partners LLC lifted its position 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 valued at $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. lifted its position in shares of 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 buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M during the 2nd quarter valued at $33,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MMM. Royal Bank of Canada upped their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Bank of America increased their price objective on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Price Performance

Shares of 3M stock opened at $132.95 on Wednesday. The stock’s 50-day simple moving average is $132.46 and its 200-day simple moving average is $119.75. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.16 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

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

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a $0.70 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.11%. 3M’s dividend payout ratio is currently 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.