Burney Co. Has $1.72 Million Stock Holdings in 3M (NYSE:MMM)

Burney Co. lessened its stake in shares of 3M (NYSE:MMM) by 1.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 13,310 shares of the conglomerate’s stock after selling 203 shares during the period. Burney Co.’s holdings in 3M were worth $1,718,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MMM. American Century Companies Inc. increased its stake in 3M by 0.8% during the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after purchasing an additional 650 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of 3M by 1.6% during the second quarter. Envestnet Asset Management Inc. now owns 529,892 shares of the conglomerate’s stock worth $54,150,000 after acquiring an additional 8,301 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of 3M by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock worth $198,298,000 after acquiring an additional 11,315 shares in the last quarter. Edgestream Partners L.P. raised its holdings in shares of 3M by 59.9% in the 2nd quarter. Edgestream Partners L.P. now owns 29,997 shares of the conglomerate’s stock worth $3,065,000 after acquiring an additional 11,240 shares during the last quarter. Finally, Axxcess Wealth Management LLC boosted its stake in 3M by 40.2% during the 2nd quarter. Axxcess Wealth Management LLC now owns 8,866 shares of the conglomerate’s stock valued at $906,000 after purchasing an additional 2,542 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

3M stock opened at $139.19 on Friday. The business has a 50-day simple moving average of $130.99 and a 200 day simple moving average of $127.20. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market cap of $75.79 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 2.01 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the business earned $2.68 earnings per share. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.01%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMM. Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Barclays lowered their price target on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Royal Bank of Canada reduced their target price on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday. 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

3M Company 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.