Tower Bridge Advisors Makes New Investment in 3M (NYSE:MMM)

Tower Bridge Advisors bought a new position in shares of 3M (NYSE:MMM) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,087 shares of the conglomerate’s stock, valued at approximately $422,000.

Several other hedge funds also recently made changes to their positions in MMM. McClarren Financial Advisors Inc. increased its stake in 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 during the period. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter worth $28,000. Meeder Asset Management Inc. increased its stake in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. TruNorth Capital Management LLC bought a new position in 3M during the 2nd quarter worth $33,000. Finally, Gradient Investments LLC increased its stake in 3M by 44.7% during the 2nd quarter. Gradient Investments LLC now owns 356 shares of the conglomerate’s stock worth $36,000 after acquiring an additional 110 shares during the period. 65.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on MMM. Morgan Stanley began coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Down 1.9 %

Shares of NYSE:MMM opened at $129.79 on Monday. The business’s 50-day moving average is $132.80 and its 200-day moving average is $118.15. 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 company has a market capitalization of $70.68 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly 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 business had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business earned $2.68 EPS. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. Equities research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M’s dividend 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.