Wexford Capital LP Purchases 425 Shares of 3M (NYSE:MMM)

Wexford Capital LP raised its position in 3M (NYSE:MMM) by 19.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,663 shares of the conglomerate’s stock after acquiring an additional 425 shares during the quarter. Wexford Capital LP’s holdings in 3M were worth $364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. FSA Wealth Management LLC bought a new position in shares of 3M in the 3rd quarter worth approximately $27,000. MFA Wealth Advisors LLC bought a new position in 3M in the second quarter worth approximately $28,000. Daymark Wealth Partners LLC raised its position in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its position in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in shares of 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Bank of America boosted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company raised their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Barclays increased their price objective on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada increased their price target on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average target price of $144.87.

3M Stock Performance

Shares of NYSE:MMM opened at $133.36 on Friday. The firm has a fifty day simple moving average of $131.97 and a two-hundred day simple moving average of $120.97. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. 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 $72.62 billion, a P/E ratio of 16.84, a PEG ratio of 2.17 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business posted $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. On average, analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, November 15th. 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.