Financial Avengers Inc. Increases Holdings in 3M (NYSE:MMM)

Financial Avengers Inc. raised its holdings in shares of 3M (NYSE:MMM) by 474.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,541 shares of the conglomerate’s stock after acquiring an additional 4,577 shares during the quarter. 3M makes up 0.3% of Financial Avengers Inc.’s investment portfolio, making the stock its 25th biggest holding. Financial Avengers Inc.’s holdings in 3M were worth $715,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in shares of 3M in the 4th quarter valued at $636,767,000. Invesco Ltd. boosted its stake in 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in shares of 3M during the fourth quarter worth about $175,110,000. Capital World Investors increased its position in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Finally, Amundi lifted its holdings in shares of 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MMM shares. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup reduced their price target on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Bank of America lifted their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price target on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Finally, Royal Bank of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $152.08.

3M Stock Performance

NYSE:MMM opened at $154.06 on Wednesday. The firm has a 50-day moving average price of $141.84 and a two-hundred day moving average price of $139.76. The company has a market capitalization of $82.91 billion, a P/E ratio of 20.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a twelve month low of $96.76 and a twelve month high of $156.35. 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 (NYSE:MMM) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. As a group, research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. 3M’s dividend payout ratio is currently 36.87%.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.34% of the stock is owned by insiders.

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.