IVC Wealth Advisors LLC Lowers Position in 3M (NYSE:MMM)

IVC Wealth Advisors LLC decreased its holdings in 3M (NYSE:MMM) by 4.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,398 shares of the conglomerate’s stock after selling 222 shares during the period. IVC Wealth Advisors LLC’s holdings in 3M were worth $697,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Sei Investments Co. increased its holdings in 3M by 6.7% during the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock worth $16,874,000 after purchasing an additional 10,309 shares during the last quarter. Gabelli Funds LLC lifted its stake in 3M by 14.6% in the second quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock valued at $261,000 after buying an additional 325 shares during the last quarter. Public Sector Pension Investment Board grew its position in 3M by 75.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock worth $2,185,000 after purchasing an additional 9,160 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of 3M by 60.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate’s stock valued at $10,819,000 after buying an additional 39,717 shares during the last quarter. Finally, AXA S.A. increased its position in 3M by 13.6% in the 2nd quarter. AXA S.A. now owns 99,735 shares of the conglomerate’s stock valued at $10,192,000 after acquiring an additional 11,910 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM opened at $149.64 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $81.49 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $152.08. The company has a 50 day moving average price of $132.09 and a two-hundred day moving average price of $128.67.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 97.19%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter in the previous year, the business earned $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. As a group, equities analysts predict that 3M will post 7.66 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 37.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Wednesday. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday. Finally, Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average target price of $148.87.

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.