Wahed Invest LLC Increases Holdings in 3M (NYSE:MMM)

Wahed Invest LLC grew its holdings in 3M (NYSE:MMM) by 3.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,920 shares of the conglomerate’s stock after acquiring an additional 498 shares during the period. Wahed Invest LLC’s holdings in 3M were worth $1,797,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Financial Life Planners bought a new position in 3M in the 4th quarter worth $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M during the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. bought a new position in 3M in the fourth quarter worth about $27,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after buying an additional 19,552 shares during the period. Finally, Meeder Asset Management Inc. boosted its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after acquiring an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. decreased their target price on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Thursday, April 24th. Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Royal Bank of Canada upped their target price on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Finally, Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $147.00.

3M Stock Performance

MMM opened at $137.99 on Friday. The company’s 50 day moving average is $142.42 and its 200 day moving average is $138.31. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $74.26 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 12-month low of $95.01 and a 12-month high of $156.35.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, equities research analysts predict that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.12%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is currently 36.87%.

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.