Independent Solutions Wealth Management LLC Boosts Stock Holdings in 3M (NYSE:MMM)

Independent Solutions Wealth Management LLC lifted its stake in 3M (NYSE:MMM) by 3.0% in the third quarter, HoldingsChannel reports. The firm owned 9,032 shares of the conglomerate’s stock after acquiring an additional 267 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in 3M were worth $1,235,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. FSA Wealth Management LLC purchased a new position in shares of 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. boosted its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, True Wealth Design LLC grew its holdings in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Barclays upped their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Trading Up 1.3 %

Shares of MMM traded up $1.60 during mid-day trading on Thursday, reaching $127.13. The company had a trading volume of 1,377,723 shares, compared to its average volume of 4,656,717. The stock has a market cap of $69.23 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a fifty day simple moving average of $130.89 and a 200-day simple moving average of $122.96. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s payout ratio is currently 35.35%.

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.