West Family Investments Inc. Invests $273,000 in 3M (NYSE:MMM)

West Family Investments Inc. purchased a new position in 3M (NYSE:MMM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,994 shares of the conglomerate’s stock, valued at approximately $273,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. McClarren Financial Advisors Inc. lifted its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M during the second quarter valued at $28,000. Meeder Asset Management Inc. lifted its position in 3M by 689.7% during 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 in the last quarter. TruNorth Capital Management LLC purchased a new position in 3M during the second quarter valued at $33,000. Finally, Gradient Investments LLC lifted its position in 3M by 44.7% during the second quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Down 1.5 %

Shares of NYSE MMM opened at $128.18 on Wednesday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $69.80 billion, a P/E ratio of 16.18, a PEG ratio of 2.15 and a beta of 0.95. The business’s 50 day moving average is $132.80 and its two-hundred day moving average is $118.61.

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

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Bank of America boosted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Royal Bank of Canada boosted their price objective on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

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.