Scarborough Advisors LLC Acquires Shares of 624 3M (NYSE:MMM)

Scarborough Advisors LLC bought a new position in shares of 3M (NYSE:MMM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 624 shares of the conglomerate’s stock, valued at approximately $68,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Fragasso Group Inc. grew its position in 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares during the last quarter. Bangor Savings Bank lifted its stake in shares of 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after buying an additional 104 shares during the period. Allen Capital Group LLC grew its position in 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares in the last quarter. Allegheny Financial Group LTD increased its stake in 3M by 2.3% during the fourth quarter. Allegheny Financial Group LTD now owns 5,032 shares of the conglomerate’s stock valued at $550,000 after acquiring an additional 113 shares during the period. Finally, Cape Investment Advisory Inc. raised its holdings in 3M by 42.8% in the 4th quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 116 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on MMM shares. Vertical Research raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price target for the company from $105.00 to $120.00 in a report on Friday, June 7th. StockNews.com initiated coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. Barclays lifted their target price on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Finally, Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M currently has an average rating of “Hold” and an average target price of $111.58.

3M Price Performance

3M stock opened at $100.57 on Tuesday. The business’s fifty day moving average is $97.42 and its two-hundred day moving average is $99.27. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The firm has a market cap of $55.65 billion, a P/E ratio of -7.91, a P/E/G ratio of 1.90 and a beta of 0.96. 3M has a 52 week low of $71.12 and a 52 week high of $106.04.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the prior year, the firm earned $1.97 EPS. Equities research analysts forecast that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is -22.01%.

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.