Peak Financial Advisors LLC Makes New Investment in 3M (NYSE:MMM)

Peak Financial Advisors LLC acquired a new position in shares of 3M (NYSE:MMM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 22,396 shares of the conglomerate’s stock, valued at approximately $2,891,000. 3M comprises about 1.5% of Peak Financial Advisors LLC’s investment portfolio, making the stock its 24th largest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in 3M by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 82,161 shares of the conglomerate’s stock valued at $8,396,000 after buying an additional 650 shares during the period. Thoroughbred Financial Services LLC purchased a new position in 3M in the second quarter valued at about $502,000. Envestnet Asset Management Inc. boosted its stake in shares of 3M by 1.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 529,892 shares of the conglomerate’s stock worth $54,150,000 after acquiring an additional 8,301 shares in the last quarter. Brown Brothers Harriman & Co. boosted its position in 3M by 0.4% during the second quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock worth $2,311,000 after purchasing an additional 97 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in 3M by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,940,202 shares of the conglomerate’s stock valued at $198,298,000 after acquiring an additional 11,315 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on MMM shares. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Bank of America raised their price target on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada dropped their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $144.13.

3M Stock Performance

Shares of MMM stock opened at $137.35 on Wednesday. The company’s fifty day simple moving average is $130.90 and its 200-day simple moving average is $127.12. 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 52 week low of $75.40 and a 52 week high of $141.34. The company has a market cap of $74.80 billion, a PE ratio of 17.34, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.68 earnings per share. As a group, equities research analysts anticipate that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.04%. 3M’s dividend payout ratio is currently 35.35%.

3M 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.