Tidal Investments LLC Increases Stock Position in 3M (NYSE:MMM)

Tidal Investments LLC increased its position in shares of 3M (NYSE:MMM) by 233.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 242,335 shares of the conglomerate’s stock after buying an additional 169,602 shares during the period. Tidal Investments LLC’s holdings in 3M were worth $31,283,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in MMM. Wayfinding Financial LLC acquired a new position in 3M during the fourth quarter worth $851,000. Ensign Peak Advisors Inc raised its position in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after acquiring an additional 145,146 shares during the period. Braun Stacey Associates Inc. raised its position in 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after acquiring an additional 22,203 shares during the period. U.S. Capital Wealth Advisors LLC raised its position in 3M by 1,615.9% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 122,240 shares of the conglomerate’s stock worth $15,780,000 after acquiring an additional 115,116 shares during the period. Finally, Asahi Life Asset Management CO. LTD. raised its position in 3M by 34.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock worth $1,616,000 after acquiring an additional 3,173 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Trading Up 2.9%

Shares of MMM opened at $153.11 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 12-month low of $96.76 and a 12-month high of $156.35. The firm has a 50-day moving average price of $141.60 and a 200 day moving average price of $139.40. The firm has a market capitalization of $82.40 billion, a P/E ratio of 20.28, a P/E/G ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. Sell-side analysts forecast that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Bank of America upped their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup reduced their target price on shares of 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 10th. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $152.08.

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.