Tyche Wealth Partners LLC Invests $723,000 in 3M (NYSE:MMM)

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

A number of other institutional investors have also added to or reduced their stakes in MMM. Moneta Group Investment Advisors LLC increased its holdings in 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after buying an additional 6,647,593 shares during the last quarter. Pacer Advisors Inc. increased its holdings in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after buying an additional 3,508,334 shares during the last quarter. Norges Bank acquired a new position in 3M during the fourth quarter worth $369,974,000. Renaissance Technologies LLC increased its holdings in shares of 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after purchasing an additional 1,288,400 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of 3M by 8,766.0% in the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after purchasing an additional 1,068,748 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MMM has been the topic of several research reports. Barclays decreased their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Bank of America decreased their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Wells Fargo & Company decreased 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 note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $103.50.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.38% of the company’s stock.

3M Price Performance

MMM traded down $0.25 on Wednesday, hitting $91.05. 3,036,971 shares of the stock were exchanged, compared to its average volume of 5,144,722. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The business has a 50-day moving average of $95.87 and a two-hundred day moving average of $97.31. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The firm has a market capitalization of $50.38 billion, a price-to-earnings ratio of -7.21, a PEG ratio of 1.61 and a beta of 1.02.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. 3M’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.28 earnings per share. Sell-side analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.63%. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is -47.82%.

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.