Strong Tower Advisory Services Increases Stock Position in 3M (NYSE:MMM)

Strong Tower Advisory Services increased its position in 3M (NYSE:MMM) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 39,251 shares of the conglomerate’s stock after purchasing an additional 863 shares during the period. 3M accounts for about 1.9% of Strong Tower Advisory Services’ holdings, making the stock its 18th biggest holding. Strong Tower Advisory Services’ holdings in 3M were worth $4,291,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MMM. Financial Freedom LLC purchased a new stake in 3M during the 4th quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of 3M in the 3rd quarter worth $28,000. Briaud Financial Planning Inc acquired a new position in shares of 3M during the third quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new stake in 3M in the 3rd quarter valued at approximately $37,000. Finally, CGC Financial Services LLC raised its stake in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MMM shares. StockNews.com initiated coverage on 3M in a report on Wednesday. They set a “buy” rating for the company. Royal Bank of Canada reiterated an “underperform” rating and issued a $84.00 price target on shares of 3M in a research report on Wednesday, March 20th. Mizuho reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday. Citigroup reduced their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Finally, Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $107.60.

3M Price Performance

MMM stock opened at $106.05 on Friday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock’s 50 day moving average is $96.86 and its two-hundred day moving average is $97.78. 3M has a 52-week low of $85.35 and a 52-week high of $113.14.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. The company had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. During the same period in the prior year, the company earned $2.28 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 5.70%. 3M’s dividend payout ratio is -47.82%.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is owned by corporate insiders.

3M Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.