Tudor Financial Inc. Makes New Investment in 3M (NYSE:MMM)

Tudor Financial Inc. acquired a new stake in 3M (NYSE:MMM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,895 shares of the conglomerate’s stock, valued at approximately $259,000.

A number of other hedge funds have also modified their holdings of the company. CVA Family Office LLC boosted its holdings in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after buying an additional 81 shares during the last quarter. Fortis Capital Advisors LLC grew its holdings in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after acquiring an additional 84 shares during the period. KMG Fiduciary Partners LLC raised its position in 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares in the last quarter. Finally, TCV Trust & Wealth Management Inc. boosted its position in 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock worth $884,000 after purchasing an additional 84 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent research reports. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, 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 report on Tuesday, October 22nd. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.87.

3M Trading Down 0.0 %

Shares of MMM stock opened at $129.74 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a market capitalization of $70.65 billion, a P/E ratio of 16.38, a PEG ratio of 2.15 and a beta of 0.95. The stock’s fifty day moving average is $131.53 and its two-hundred day moving average is $121.92. 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 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. The firm had revenue of $6.29 billion for 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%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.68 earnings per share. Research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s dividend payout ratio is presently 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.