Toronto Dominion Bank grew its holdings in 3M (NYSE:MMM – Free Report) by 1.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 333,402 shares of the conglomerate’s stock after buying an additional 6,272 shares during the period. Toronto Dominion Bank owned approximately 0.06% of 3M worth $35,364,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Tributary Capital Management LLC purchased a new position in 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of 3M during the 1st quarter valued at approximately $32,000. Livelsberger Financial Advisory purchased a new stake in 3M during the 4th quarter valued at $35,000. Finally, Cape Investment Advisory Inc. raised its holdings in 3M by 42.8% during the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after buying an additional 116 shares during the period. 65.25% of the stock is currently owned by institutional investors.
3M Stock Up 23.0 %
Shares of MMM traded up $23.75 during midday trading on Friday, reaching $127.14. 32,713,519 shares of the stock were exchanged, compared to its average volume of 5,414,272. 3M has a 52 week low of $71.12 and a 52 week high of $128.02. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company’s 50 day moving average is $102.05 and its two-hundred day moving average is $98.83. The company has a market capitalization of $70.35 billion, a P/E ratio of -10.00, a PEG ratio of 1.92 and a beta of 0.95.
3M Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.
Wall Street Analyst Weigh In
Several analysts recently weighed in on MMM shares. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Citigroup increased their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Finally, Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus price target of $112.17.
Check Out Our Latest Research Report on MMM
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.
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