Tidal Investments LLC Increases Stock Position in 3M (NYSE:MMM)

Tidal Investments LLC boosted its stake in shares of 3M (NYSE:MMM) by 233.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 242,335 shares of the conglomerate’s stock after acquiring an additional 169,602 shares during the quarter. Tidal Investments LLC’s holdings in 3M were worth $31,283,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its stake in shares of 3M by 78.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 40,029 shares of the conglomerate’s stock valued at $5,167,000 after purchasing an additional 17,564 shares during the period. Park Avenue Securities LLC boosted its stake in shares of 3M by 164.4% in the fourth quarter. Park Avenue Securities LLC now owns 16,356 shares of the conglomerate’s stock valued at $2,111,000 after purchasing an additional 10,169 shares during the period. Gateway Investment Advisers LLC raised its holdings in 3M by 51.1% in the fourth quarter. Gateway Investment Advisers LLC now owns 9,779 shares of the conglomerate’s stock valued at $1,262,000 after acquiring an additional 3,309 shares in the last quarter. Carnegie Investment Counsel raised its holdings in 3M by 35.5% in the fourth quarter. Carnegie Investment Counsel now owns 3,333 shares of the conglomerate’s stock valued at $430,000 after acquiring an additional 873 shares in the last quarter. Finally, Ritholtz Wealth Management raised its holdings in 3M by 27.0% in the fourth quarter. Ritholtz Wealth Management now owns 9,689 shares of the conglomerate’s stock valued at $1,251,000 after acquiring an additional 2,061 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a report on Friday. Barclays raised their target price on shares of 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Citigroup reduced their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Royal Bank of Canada raised their target price on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, April 23rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a report on Saturday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average target price of $152.08.

3M Stock Up 2.9%

MMM stock opened at $153.11 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $96.76 and a twelve month high of $156.35. The company’s 50 day moving average is $141.60 and its two-hundred day moving average is $139.40. The stock has a market cap of $82.40 billion, a P/E ratio of 20.28, a PEG ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. Research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.91%. 3M’s payout ratio is 36.87%.

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.