Strong Tower Advisory Services Raises Stock Position in 3M (NYSE:MMM)

Strong Tower Advisory Services raised its holdings in 3M (NYSE:MMM) by 4.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 46,715 shares of the conglomerate’s stock after acquiring an additional 2,020 shares during the period. 3M accounts for 1.6% of Strong Tower Advisory Services’ holdings, making the stock its 21st biggest holding. Strong Tower Advisory Services’ holdings in 3M were worth $6,030,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CVA Family Office LLC boosted its stake in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares during the last quarter. Wynn Capital LLC lifted its holdings in 3M by 0.7% in the fourth quarter. Wynn Capital LLC now owns 11,690 shares of the conglomerate’s stock valued at $1,509,000 after acquiring an additional 80 shares during the period. Harbour Investments Inc. boosted its position in 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after purchasing an additional 81 shares in the last quarter. KMG Fiduciary Partners LLC grew its stake in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. increased its holdings in shares of 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 1.3 %

Shares of NYSE:MMM opened at $141.02 on Monday. 3M has a 52-week low of $75.40 and a 52-week high of $141.66. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business has a fifty day moving average of $131.24 and a two-hundred day moving average of $127.74. The stock has a market cap of $76.80 billion, a P/E ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95.

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

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is presently 35.35%.

Analyst Ratings Changes

MMM has been the topic of several analyst reports. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. dropped their target price on 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Royal Bank of Canada cut their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $144.13.

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.