Fulton Bank N.A. Acquires 1,800 Shares of 3M (NYSE:MMM)

Fulton Bank N.A. grew its holdings in 3M (NYSE:MMM) by 19.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,240 shares of the conglomerate’s stock after buying an additional 1,800 shares during the quarter. Fulton Bank N.A.’s holdings in 3M were worth $1,451,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of MMM. CVA Family Office LLC raised its holdings in 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares during the period. Harbour Investments Inc. grew its position in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after purchasing an additional 81 shares in the last quarter. KMG Fiduciary Partners LLC raised its stake in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. TCV Trust & Wealth Management Inc. raised its stake in shares of 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. lifted its holdings in 3M by 3.3% during the 3rd quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MMM. Barclays decreased their price target on 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Wells Fargo & Company raised their price target 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. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada dropped their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Two 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.33.

3M Stock Performance

NYSE:MMM opened at $134.34 on Thursday. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50 day moving average of $130.32 and a 200 day moving average of $126.05. The company has a market capitalization of $73.16 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.15 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. 3M’s dividend payout ratio is currently 35.35%.

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.