Belpointe Asset Management LLC Sells 1,592 Shares of 3M Company $MMM

Belpointe Asset Management LLC lessened its position in shares of 3M Company (NYSE:MMM) by 14.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,675 shares of the conglomerate’s stock after selling 1,592 shares during the period. Belpointe Asset Management LLC’s holdings in 3M were worth $1,473,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its stake in 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after purchasing an additional 1,872 shares in the last quarter. Bison Wealth LLC increased its stake in 3M by 10.2% in the fourth quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate’s stock valued at $355,000 after purchasing an additional 255 shares in the last quarter. Procyon Advisors LLC bought a new stake in 3M in the first quarter valued at $266,000. Miracle Mile Advisors LLC increased its stake in 3M by 1.6% in the first quarter. Miracle Mile Advisors LLC now owns 6,658 shares of the conglomerate’s stock valued at $978,000 after purchasing an additional 106 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in 3M by 39.8% in the first quarter. Park Avenue Securities LLC now owns 22,866 shares of the conglomerate’s stock valued at $3,358,000 after purchasing an additional 6,510 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.4%

3M stock opened at $155.30 on Wednesday. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The stock has a market cap of $82.72 billion, a PE ratio of 21.60, a price-to-earnings-growth ratio of 2.58 and a beta of 1.05. The firm’s 50-day simple moving average is $154.53 and its 200 day simple moving average is $148.64. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company’s revenue was up 1.4% compared to the same quarter last year. Research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M’s payout ratio is presently 40.61%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. set a $167.00 price target on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Wells Fargo & Company boosted their target price on shares of 3M from $170.00 to $176.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings raised shares of 3M from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, September 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.70.

Insider Buying and Selling

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

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.