Moss Adams Wealth Advisors LLC Grows Stock Holdings in 3M (NYSE:MMM)

Moss Adams Wealth Advisors LLC lifted its stake in shares of 3M (NYSE:MMM) by 8.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,850 shares of the conglomerate’s stock after buying an additional 144 shares during the quarter. Moss Adams Wealth Advisors LLC’s holdings in 3M were worth $239,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MMM. American Century Companies Inc. lifted its holdings in shares of 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock worth $8,396,000 after buying an additional 650 shares during the period. Intech Investment Management LLC grew its holdings in 3M by 17.6% during the 2nd quarter. Intech Investment Management LLC now owns 34,758 shares of the conglomerate’s stock worth $3,552,000 after acquiring an additional 5,205 shares in the last quarter. Canada Pension Plan Investment Board increased its position in 3M by 7.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 489,502 shares of the conglomerate’s stock valued at $50,022,000 after purchasing an additional 34,081 shares during the period. AE Wealth Management LLC raised its holdings in shares of 3M by 6.9% in the 2nd quarter. AE Wealth Management LLC now owns 24,322 shares of the conglomerate’s stock valued at $2,485,000 after purchasing an additional 1,565 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in shares of 3M by 1.7% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 115,605 shares of the conglomerate’s stock worth $11,814,000 after purchasing an additional 1,949 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Royal Bank of Canada cut their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a report on Friday, January 3rd. Wells Fargo & Company boosted their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. 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. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, 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 report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $144.13.

3M Price Performance

Shares of MMM opened at $141.02 on Monday. The firm has a market capitalization of $76.80 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 2.01 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company’s fifty day moving average price is $131.24 and its 200-day moving average price is $127.74. 3M has a 1-year low of $75.40 and a 1-year high of $141.66.

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

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.99%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 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.