Leo Brokerage LLC Invests $291,000 in 3M (NYSE: MMM) Stocks

July 25, 2023: Leo Brokerage LLC recently invested significantly in 3M (NYSE: MMM) during the first quarter. According to the Securities and Exchange Commission, the firm acquired 2,764 shares of the conglomerate’s stock, valued at around $291,000.

Other hedge funds have also made changes to their positions in the company. For instance, Dfpg Investments LLC purchased a new stake in 3M shares during the 4th quarter, valued at approximately $531,000. Similarly, Mirador Capital Partners LP bought a new position in 3M during the 1st quarter, valued at about $304,000. Moreover, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings by 3M during the 4th quarter and now owns approximately 310,297 shares of the conglomerate’s stock, valued at $37,211,000. Additionally, the Louisiana State Employees Retirement System raised its holdings in 3M by 0.3% during the 1st quarter, owning 35,800 shares valued at $3,763,000. Lastly, Kestra Advisory Services LLC also raised its holdings in 3M during the 4th quarter, now owning approximately 82,795 shares worth $9,929,000.

3M’s stock, with a market cap of $57.52 billion, opened at $104.27 on Tuesday. It has a price-to-earnings ratio of 10.81 and a beta of 0.96. The company’s 52-week range is $92.38 to $152.30, with a 50-day moving average of $100.26 and a 200-day moving average of $106.26.

Its revenue for the quarter was $8.03 billion, compared to the consensus estimate of $7.51 billion. While 3M’s revenue was down 9.0% compared to the same quarter last year, it had a net margin of 16.31% and a return on equity of 36.48%.

The company recently declared a quarterly dividend, with investors of record on Friday, May 19th receiving a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 5.75%.

Regarding analyst ratings, the consensus rating for 3M is “Hold,” with a consensus target price of $114.25.

In summary, Leo Brokerage LLC’s $291,000 investment in 3M reflects investors’ growing interest in the conglomerate’s stock. Despite recent legal battles, 3M remains attractive for some hedge funds. However, market analysts have rated the stock as a “Hold,” indicating cautious optimism about its future performance.