3,204 Shares in 3M (NYSE:MMM) Acquired by Opinicus Capital Inc.

Opinicus Capital Inc. bought a new stake in 3M (NYSE:MMM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,204 shares of the conglomerate’s stock, valued at approximately $350,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Briaud Financial Planning Inc acquired a new position in shares of 3M during the 3rd quarter valued at about $35,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of 3M in the third quarter worth $37,000. CGC Financial Services LLC raised its holdings in 3M by 89.9% in 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. VisionPoint Advisory Group LLC lifted its position in 3M by 91.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 215 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel bought a new stake in 3M during the third quarter valued at about $44,000. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM stock traded up $0.42 during trading hours on Friday, hitting $91.83. The company had a trading volume of 4,520,901 shares, compared to its average volume of 4,283,067. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The firm has a market capitalization of $50.82 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.73 and a beta of 1.02. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The firm’s fifty day moving average is $95.71 and its 200 day moving average is $97.37.

3M (NYSE:MMM) last announced its quarterly earnings results 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. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.28 earnings per share. On average, sell-side analysts predict that 3M will post 8.19 EPS for the current fiscal year.

3M Increases Dividend

The firm 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. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. dropped their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Barclays cut their price target on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Bank of America dropped their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday. 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 report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $104.00.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

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.