Strategic Financial Concepts LLC purchased a new position in shares of 3M (NYSE:MMM – Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 174,149 shares of the conglomerate’s stock, valued at approximately $22,481,000.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Daymark Wealth Partners LLC grew its position in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares in the last quarter. CWM LLC increased its position in shares of 3M by 16.5% during the third quarter. CWM LLC now owns 47,161 shares of the conglomerate’s stock valued at $6,447,000 after purchasing an additional 6,671 shares during the period. Marcum Wealth LLC acquired a new position in shares of 3M in the third quarter valued at $213,000. Wedmont Private Capital boosted its stake in 3M by 19.5% during the third quarter. Wedmont Private Capital now owns 2,474 shares of the conglomerate’s stock worth $334,000 after buying an additional 404 shares in the last quarter. Finally, Quotient Wealth Partners LLC increased its holdings in 3M by 7.0% in the 3rd quarter. Quotient Wealth Partners LLC now owns 3,475 shares of the conglomerate’s stock valued at $475,000 after buying an additional 226 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.
Wall Street Analysts Forecast Growth
MMM has been the topic of a number of analyst reports. Mizuho upped 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. Bank of America upped their price target on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $148.87.
Insider Activity at 3M
In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last ninety days. Company insiders own 0.38% of the company’s stock.
3M Stock Down 1.6 %
Shares of NYSE:MMM opened at $149.90 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a market cap of $81.63 billion, a price-to-earnings ratio of 19.85, a P/E/G ratio of 3.37 and a beta of 0.96. The company has a 50 day moving average of $136.78 and a 200-day moving average of $132.21. 3M has a one year low of $75.40 and a one year high of $155.00.
3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the business posted $2.42 EPS. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 7.8 earnings per share for the current year.
3M Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M’s dividend payout ratio is 37.09%.
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.
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