Strong Tower Advisory Services Acquires 863 Shares of 3M (NYSE:MMM)

Strong Tower Advisory Services grew its holdings in 3M (NYSE:MMM) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 39,251 shares of the conglomerate’s stock after purchasing an additional 863 shares during the quarter. 3M comprises about 1.9% of Strong Tower Advisory Services’ investment portfolio, making the stock its 18th largest position. Strong Tower Advisory Services’ holdings in 3M were worth $4,291,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Financial Freedom LLC acquired a new stake in shares of 3M in the fourth quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. acquired a new stake in 3M in the third quarter worth about $28,000. Briaud Financial Planning Inc bought a new position in shares of 3M in the 3rd quarter valued at about $35,000. Authentikos Wealth Advisory LLC bought a new stake in shares of 3M during the third quarter worth approximately $37,000. Finally, CGC Financial Services LLC grew its holdings in 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 acquiring an additional 160 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 1.4 %

Shares of MMM stock opened at $106.05 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm has a 50 day moving average of $96.86 and a 200-day moving average of $97.78. 3M has a 52 week low of $85.35 and a 52 week high of $113.14.

3M (NYSE:MMM) last released its quarterly earnings data 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 negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the firm earned $2.28 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts predict that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently commented on MMM. Wells Fargo & Company cut their price target 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. Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $111.00 to $126.00 in a research report on Tuesday, March 19th. Royal Bank of Canada reissued an “underperform” rating and set a $84.00 price target on shares of 3M in a research report on Wednesday, March 20th. StockNews.com assumed coverage on shares of 3M in a report on Wednesday. They issued a “buy” rating on the stock. Finally, Citigroup reduced their target price on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $107.60.

Insider Transactions at 3M

In related 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 sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.34% of the company’s stock.

About 3M

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.