TrinityPoint Wealth LLC Purchases 317 Shares of 3M (NYSE:MMM)

TrinityPoint Wealth LLC increased its position in 3M (NYSE:MMM) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,074 shares of the conglomerate’s stock after purchasing an additional 317 shares during the quarter. TrinityPoint Wealth LLC’s holdings in 3M were worth $2,061,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MMM. Osaic Holdings Inc. increased its stake in shares of 3M by 6.5% in the 1st quarter. Osaic Holdings Inc. now owns 342,184 shares of the conglomerate’s stock worth $36,305,000 after acquiring an additional 20,900 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of 3M during the first quarter valued at approximately $1,990,000. Covestor Ltd lifted its holdings in shares of 3M by 12.7% during the first quarter. Covestor Ltd now owns 1,985 shares of the conglomerate’s stock valued at $210,000 after purchasing an additional 224 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of 3M in the 1st quarter worth approximately $1,942,000. Finally, UniSuper Management Pty Ltd grew its stake in shares of 3M by 262.5% in the 1st quarter. UniSuper Management Pty Ltd now owns 17,190 shares of the conglomerate’s stock worth $1,823,000 after buying an additional 12,448 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on MMM shares. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Finally, Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Down 1.9 %

MMM stock opened at $129.79 on Monday. The business’s 50-day moving average is $132.80 and its two-hundred day moving average is $118.15. The company has a market cap 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 has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter last year, the firm posted $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. As a group, analysts forecast that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

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.