TrinityPoint Wealth LLC Boosts Stock Position in 3M (NYSE:MMM)

TrinityPoint Wealth LLC increased its stake in shares of 3M (NYSE:MMM) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,411 shares of the conglomerate’s stock after purchasing an additional 337 shares during the quarter. TrinityPoint Wealth LLC’s holdings in 3M were worth $1,989,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Life Planners purchased a new stake in 3M during the 4th quarter worth about $25,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter worth about $27,000. Meeder Asset Management Inc. increased its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 214 shares in the last quarter. Catalyst Capital Advisors LLC grew its holdings in 3M by 81.5% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the conglomerate’s stock valued at $47,000 after buying an additional 163 shares during the period. Finally, Greenline Partners LLC purchased a new stake in 3M in the 4th quarter valued at about $50,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 10th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Finally, Royal Bank of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a report 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $152.08.

3M Stock Performance

3M stock opened at $153.11 on Friday. The stock’s 50 day moving average price is $141.60 and its 200 day moving average price is $139.40. The firm has a market capitalization of $82.40 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a one year low of $96.76 and a one year high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, sell-side analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

About 3M

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.