Sequoia Financial Advisors LLC Purchases 3,759 Shares of 3M (NYSE:MMM)

Sequoia Financial Advisors LLC boosted its stake in shares of 3M (NYSE:MMM) by 12.8% in the third quarter, Holdings Channel reports. The firm owned 33,062 shares of the conglomerate’s stock after acquiring an additional 3,759 shares during the period. Sequoia Financial Advisors LLC’s holdings in 3M were worth $4,520,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. boosted its position in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. Tributary Capital Management LLC bought a new stake in 3M during the first quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new stake in 3M during the second quarter worth approximately $28,000. Meeder Asset Management Inc. boosted its position in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the period. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the second quarter worth approximately $33,000. Institutional investors own 65.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MMM. Citigroup upped their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Barclays upped their price target on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $133.87.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of NYSE:MMM opened at $131.73 on Wednesday. The business’s fifty day moving average price is $133.03 and its two-hundred day moving average price is $113.46. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $141.34. The stock has a market capitalization of $72.89 billion, a price-to-earnings ratio of -10.36, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the business earned $2.17 earnings per share. As a group, analysts predict that 3M will post 7.24 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is presently -22.01%.

About 3M

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.