Hemenway Trust Co LLC Purchases Shares of 1,609 3M (NYSE:MMM)

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

A number of other hedge funds have also recently made changes to their positions in the business. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter worth approximately $28,000. Daymark Wealth Partners LLC raised its holdings 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 valued at $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in 3M in the 2nd quarter valued at about $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. 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. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Price Performance

Shares of MMM traded down $1.26 during midday trading on Tuesday, reaching $131.74. The stock had a trading volume of 162,380 shares, compared to its average volume of 4,865,224. The company has a market capitalization of $71.74 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company’s 50-day moving average is $132.79 and its 200 day moving average is $117.13.

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

3M Announces Dividend

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

About 3M

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.