6,616 Shares in 3M (NYSE:MMM) Acquired by Tyche Wealth Partners LLC

Tyche Wealth Partners LLC bought a new position in 3M (NYSE:MMM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 6,616 shares of the conglomerate’s stock, valued at approximately $723,000.

Other hedge funds also recently bought and sold shares of the company. Allen Capital Group LLC increased its stake in shares of 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after buying an additional 105 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 3M by 3.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 376,492 shares of the conglomerate’s stock worth $41,158,000 after purchasing an additional 11,107 shares during the period. Eagle Bluffs Wealth Management LLC grew its stake in 3M by 2.0% in the fourth quarter. Eagle Bluffs Wealth Management LLC now owns 12,635 shares of the conglomerate’s stock worth $1,381,000 after purchasing an additional 246 shares during the period. Octavia Wealth Advisors LLC purchased a new stake in 3M in the fourth quarter worth $205,000. Finally, United Asset Strategies Inc. grew its stake in 3M by 4.1% in the fourth quarter. United Asset Strategies Inc. now owns 5,973 shares of the conglomerate’s stock worth $653,000 after purchasing an additional 235 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

MMM stock traded down $0.25 during trading on Wednesday, reaching $91.05. The stock had a trading volume of 3,036,971 shares, compared to its average volume of 5,144,722. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The stock’s 50 day moving average is $95.87 and its two-hundred day moving average is $97.31. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The firm has a market cap of $50.38 billion, a PE ratio of -7.21, a PEG ratio of 1.61 and a beta of 1.02.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the company earned $2.28 earnings per share. 3M’s revenue was down 1.1% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This is an increase 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 dividend on an annualized basis and a yield of 6.63%. 3M’s dividend payout ratio is currently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The stock was 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 $366,141.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MMM shares. Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Wells Fargo & Company cut their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Finally, Bank of America cut their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and a consensus target price of $103.50.

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.