Fifth Third Wealth Advisors LLC Acquires 1,553 Shares of 3M (NYSE:MMM)

Fifth Third Wealth Advisors LLC grew its holdings in shares of 3M (NYSE:MMM) by 21.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 8,791 shares of the conglomerate’s stock after purchasing an additional 1,553 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in 3M were worth $1,135,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FSA Wealth Management LLC bought a new stake in 3M during the third quarter valued at approximately $27,000. Daymark Wealth Partners LLC raised its position in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. ORG Partners LLC grew its position in 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC increased its stake in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MMM shares. Barclays dropped their price target on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lowered their price objective on shares of 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.13.

3M Price Performance

Shares of NYSE MMM opened at $138.07 on Thursday. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company’s 50-day moving average is $130.90 and its 200 day moving average is $127.12. The stock has a market capitalization of $75.19 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the company earned $2.68 EPS. The business’s revenue was down 24.3% compared to the same quarter last year. On average, sell-side analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

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.