Truvestments Capital LLC Purchases 462 Shares of 3M (NYSE:MMM)

Truvestments Capital LLC increased its stake in 3M (NYSE:MMM) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,810 shares of the conglomerate’s stock after purchasing an additional 462 shares during the period. 3M makes up approximately 1.0% of Truvestments Capital LLC’s portfolio, making the stock its 18th biggest holding. Truvestments Capital LLC’s holdings in 3M were worth $3,665,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. MFA Wealth Advisors LLC bought a new stake in shares of 3M in the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC increased its stake in shares of 3M by 8.6% in the third 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. raised its holdings in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in shares of 3M in the second quarter valued at about $33,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Up 0.5 %

NYSE:MMM opened at $129.00 on Monday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a market cap of $70.25 billion, a P/E ratio of 16.21, a P/E/G ratio of 2.12 and a beta of 0.95. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a 50-day simple moving average of $132.56 and a two-hundred day simple moving average of $119.28.

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

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.17%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MMM. Bank of America upped their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Barclays 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 Wednesday, October 23rd. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus target price of $144.87.

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.