Linscomb Wealth Inc. Makes New Investment in 3M (NYSE:MMM)

Linscomb Wealth Inc. purchased a new position in shares of 3M (NYSE:MMM) during the 1st quarter, Holdings Channel.com reports. The fund purchased 2,006 shares of the conglomerate’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Platinum Investment Management Ltd. grew its position in shares of 3M by 11.4% during the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares during the period. Allen Capital Group LLC grew its position in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after acquiring an additional 105 shares during the period. Geneos Wealth Management Inc. grew its position in shares of 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the period. Summit Financial Group Inc. grew its position in shares of 3M by 3.4% during the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after acquiring an additional 110 shares during the period. Finally, Allegheny Financial Group LTD grew its position in shares of 3M by 2.3% during the 4th quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock valued at $550,000 after acquiring an additional 113 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on MMM. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Royal Bank of Canada raised their price target on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and an average target price of $112.17.

3M Stock Up 23.0 %

Shares of NYSE:MMM traded up $23.77 during trading on Friday, hitting $127.16. The company’s stock had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. The business has a 50 day moving average price of $102.05 and a two-hundred day moving average price of $98.76. The company has a market capitalization of $70.37 billion, a PE ratio of -10.00, a P/E/G ratio of 1.92 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.02.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.66 by $0.27. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the firm posted $2.17 earnings per share. As a group, research analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed 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. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

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.