Ridgecrest Wealth Partners LLC Acquires Shares of 2,017 3M (NYSE:MMM)

Ridgecrest Wealth Partners LLC bought a new position in shares of 3M (NYSE:MMM) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,017 shares of the conglomerate’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Synergies Wealth Advisors Inc. grew its stake in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new position in 3M during the first quarter valued at about $32,000. Livelsberger Financial Advisory purchased a new stake in 3M during the fourth quarter worth about $35,000. CGC Financial Services LLC raised its position in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the period. Finally, VisionPoint Advisory Group LLC boosted its stake in 3M by 91.9% in the third quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 0.9 %

MMM stock opened at $102.19 on Friday. The firm has a 50 day simple moving average of $99.23 and a two-hundred day simple moving average of $99.26. 3M has a one year low of $71.12 and a one year high of $106.04. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the business earned $1.97 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors 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 yield of 2.74%. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MMM shares. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. HSBC raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $105.00 to $120.00 in a report on Friday, June 7th. Royal Bank of Canada lifted their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Finally, Citigroup upped 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $111.58.

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.