Hemenway Trust Co LLC Makes New $220,000 Investment in 3M (NYSE:MMM)

Hemenway Trust Co LLC bought a new position in 3M (NYSE:MMM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,609 shares of the conglomerate’s stock, valued at approximately $220,000.

Other hedge funds also recently made changes to their positions in the company. MFA Wealth Advisors LLC purchased a new position in shares of 3M in the second quarter valued at about $28,000. Daymark Wealth Partners LLC lifted its holdings in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. increased its stake in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M during the second quarter valued at approximately $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MMM. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Bank of America raised their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Finally, Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Stock Down 0.9 %

Shares of MMM stock traded down $1.26 during mid-day trading on Tuesday, hitting $131.74. The company’s stock had a trading volume of 162,380 shares, compared to its average volume of 4,865,224. The stock has a market cap of $71.74 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.22 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The business has a 50-day moving average price of $132.79 and a 200 day moving average price of $117.13.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the business earned $2.68 EPS. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Research analysts predict that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. 3M’s dividend payout ratio is presently 35.35%.

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.