WFA of San Diego LLC Makes New $50,000 Investment in 3M (NYSE:MMM)

WFA of San Diego LLC purchased a new position in shares of 3M (NYSE:MMM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 500 shares of the conglomerate’s stock, valued at approximately $50,000.

Several other institutional investors have also modified their holdings of MMM. Markel Corp grew its position in shares of 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after acquiring an additional 16,550 shares during the last quarter. Axiom Financial Strategies LLC grew its position in shares of 3M by 5.3% during the first quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after acquiring an additional 326 shares during the last quarter. Dakota Wealth Management bought a new position in 3M in the 1st quarter valued at about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in 3M by 17.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after buying an additional 977 shares in the last quarter. Finally, Covestor Ltd grew its position in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after buying an additional 538 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

3M Stock Performance

NYSE:MMM opened at $94.98 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 0.72 and a debt-to-equity ratio of 2.72. 3M has a twelve month low of $85.35 and a twelve month high of $130.02. The firm has a market cap of $52.46 billion, a price-to-earnings ratio of -7.11, a price-to-earnings-growth ratio of 1.43 and a beta of 0.98. The company has a 50-day moving average of $92.83 and a 200-day moving average of $98.90.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.34. 3M had a negative net margin of 22.59% and a positive return on equity of 47.18%. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same period in the prior year, the firm earned $2.69 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts forecast that 3M will post 9.12 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 17th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date of this dividend is Thursday, November 16th. 3M’s dividend payout ratio (DPR) is -44.94%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent analyst reports. Morgan Stanley upgraded shares of 3M from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $102.00 to $113.00 in a research report on Thursday, August 31st. StockNews.com upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Wolfe Research upgraded shares of 3M from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, August 29th. Royal Bank of Canada decreased their target price on shares of 3M from $85.00 to $83.00 and set an “underperform” rating for the company in a research report on Wednesday, October 25th. Finally, Wells Fargo & Company decreased their target price on shares of 3M from $115.00 to $93.00 in a research report on Monday, October 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.30.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.