Traverso Chambers Private Wealth Management LLC lifted its holdings in shares of 3M (NYSE:MMM) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,351 shares of the conglomerate’s stock after purchasing an additional 100 shares during the period. Traverso Chambers Private Wealth Management LLC’s holdings in 3M were worth $453,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of MMM. Norges Bank acquired a new position in shares of 3M during the fourth quarter valued at about $490,349,000. BlackRock Inc. grew its position in 3M by 6.0% in the 4th quarter. BlackRock Inc. now owns 41,174,440 shares of the conglomerate’s stock worth $7,196,879,000 after purchasing an additional 2,319,000 shares in the last quarter. FMR LLC grew its position in 3M by 78.9% in the 4th quarter. FMR LLC now owns 4,656,084 shares of the conglomerate’s stock worth $813,837,000 after purchasing an additional 2,053,818 shares in the last quarter. Morgan Stanley grew its position in shares of 3M by 18.9% during the 4th quarter. Morgan Stanley now owns 4,388,511 shares of the conglomerate’s stock valued at $767,068,000 after acquiring an additional 697,889 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of 3M by 9.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,768,306 shares of the conglomerate’s stock valued at $1,357,820,000 after acquiring an additional 677,445 shares during the period. Institutional investors own 64.68% of the company’s stock.
A number of analysts recently commented on the stock. Barclays upped their price target on shares of 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a research note on Tuesday, April 13th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and set a $205.00 target price on the stock in a report on Wednesday, January 27th. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $196.00 target price on the stock in a report on Thursday, January 28th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $200.00 price target on the stock in a report on Wednesday, February 3rd. Finally, Royal Bank of Canada reaffirmed a “hold” rating on shares of 3M in a research report on Sunday, January 24th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $185.82.
In related news, EVP Michael G. Vale sold 30,875 shares of 3M stock in a transaction on Friday, January 29th. The shares were sold at an average price of $175.53, for a total value of $5,419,488.75. Following the sale, the executive vice president now owns 79,155 shares of the company’s stock, valued at approximately $13,894,077.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is owned by company insiders.
NYSE MMM opened at $198.58 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.37 and a debt-to-equity ratio of 1.54. 3M has a 12 month low of $131.12 and a 12 month high of $199.29. The company’s 50-day moving average price is $188.58 and its 200-day moving average price is $175.59. The stock has a market cap of $115.06 billion, a PE ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92.
3M (NYSE:MMM) last released its quarterly earnings results on Monday, January 25th. The conglomerate reported $2.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.23. The business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.39 billion. 3M had a net margin of 15.65% and a return on equity of 44.77%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.15 earnings per share. As a group, sell-side analysts forecast that 3M will post 8.56 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 12th. Stockholders of record on Friday, February 12th were paid a dividend of $1.48 per share. This is a boost from 3M’s previous quarterly dividend of $1.47. The ex-dividend date was Thursday, February 11th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 2.98%. 3M’s dividend payout ratio (DPR) is presently 65.05%.
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
Read More: History of the Euro STOXX 50 Index
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.