Philip James Wealth Mangement LLC Buys Shares of 50,724 3M (NYSE:MMM)

Philip James Wealth Mangement LLC bought a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 50,724 shares of the conglomerate’s stock, valued at approximately $6,934,000. 3M makes up 0.9% of Philip James Wealth Mangement LLC’s investment portfolio, making the stock its 25th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. MFA Wealth Advisors LLC acquired a new position in shares of 3M in the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its position in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in shares of 3M in the second quarter worth $33,000. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

NYSE:MMM traded up $0.34 during mid-day trading on Friday, hitting $133.41. 884,116 shares of the stock were exchanged, compared to its average volume of 4,879,763. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm’s 50-day simple moving average is $132.83 and its 200 day simple moving average is $116.09. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The stock has a market capitalization of $72.65 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 2.03 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm earned $2.68 earnings per share. The company’s revenue was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of a number of recent research reports. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Citigroup boosted their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus target price of $139.27.

3M 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.