Peak Financial Advisors LLC Makes New $2.89 Million Investment in 3M (NYSE:MMM)

by · The Markets Daily

Peak Financial Advisors LLC acquired a new stake in 3M (NYSE:MMM – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,396 shares of the conglomerate’s stock, valued at approximately $2,891,000. 3M accounts for about 1.5% of Peak Financial Advisors LLC’s investment portfolio, making the stock its 24th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MMM. American Century Companies Inc. raised its position in shares of 3M by 0.8% during 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 stake in 3M in the second quarter valued at $502,000. Envestnet Asset Management Inc. lifted its stake in shares of 3M by 1.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 529,892 shares of the conglomerate’s stock valued at $54,150,000 after purchasing an additional 8,301 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in shares of 3M by 0.4% during the 2nd 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 during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings 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 buying an additional 11,315 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MMM has been the subject of several research analyst reports. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. 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 report on Wednesday, October 23rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Barclays lowered their target price on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $144.13.

Get Our Latest Report on 3M

3M Trading Up 2.0 %

NYSE MMM opened at $137.35 on Wednesday. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a 50 day moving average of $130.90 and a two-hundred day moving average of $127.12. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $74.80 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is 35.35%.

3M Company Profile

(Free Report)

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.

Further Reading

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