Savvy Advisors Inc. Makes New $341,000 Investment in 3M (NYSE:MMM)

Savvy Advisors Inc. bought a new position in 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,495 shares of the conglomerate’s stock, valued at approximately $341,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new position in shares of 3M in the 2nd quarter worth about $28,000. Daymark Wealth Partners LLC grew 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 worth $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. increased its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new position in 3M in the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of MMM stock opened at $130.32 on Wednesday. The business has a fifty day moving average of $132.79 and a 200 day moving average of $117.13. The firm has a market capitalization of $70.97 billion, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. 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.

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

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Ratings Changes

MMM has been the subject of a number of research analyst reports. StockNews.com lowered 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 research note on Tuesday, October 22nd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Bank of America lifted their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $139.27.

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.