Spire Wealth Management Has $759,000 Stock Position in 3M (NYSE:MMM)

Spire Wealth Management cut its stake in 3M (NYSE:MMM) by 15.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,040 shares of the conglomerate’s stock after selling 1,283 shares during the period. Spire Wealth Management’s holdings in 3M were worth $759,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MMM. Vanguard Group Inc. lifted its stake in 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares during the period. Invesco Ltd. raised its holdings in shares of 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after purchasing an additional 94,864 shares during the period. Nuance Investments LLC boosted its holdings in 3M by 10.1% during the third quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock worth $380,337,000 after purchasing an additional 371,935 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in 3M by 20.8% in the 3rd quarter. Van ECK Associates Corp now owns 2,944,135 shares of the conglomerate’s stock worth $275,630,000 after purchasing an additional 506,654 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays cut their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Citigroup raised their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Finally, Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $103.70.

3M Price Performance

Shares of NYSE:MMM opened at $96.35 on Thursday. The firm has a market capitalization of $53.32 billion, a PE ratio of -7.57, a P/E/G ratio of 1.79 and a beta of 1.00. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company has a 50-day moving average price of $96.30 and a two-hundred day moving average price of $97.84. 3M has a twelve month low of $71.12 and a twelve month high of $99.70.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the firm earned $1.97 EPS. Equities analysts forecast that 3M will post 7.23 EPS for the current year.

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.