BXM Wealth LLC Invests $258,000 in 3M (NYSE:MMM)

BXM Wealth LLC acquired a new stake in 3M (NYSE:MMM) during the fourth quarter, Holdings Channel reports. The firm acquired 2,000 shares of the conglomerate’s stock, valued at approximately $258,000.

Several other institutional investors have also added to or reduced their stakes in the business. D.A. Davidson & CO. lifted its stake in shares of 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Meyer Handelman Co. boosted its holdings in shares of 3M by 1.4% in the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after acquiring an additional 2,678 shares during the period. Ballentine Partners LLC grew its position in shares of 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after purchasing an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC raised its stake in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred on 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 owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now directly owns 4,902 shares of the company’s stock, valued at $734,564.70. This represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MMM. Citigroup lifted their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Barclays upped their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research report on Saturday, February 1st. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 target price on shares of 3M in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Down 0.0 %

NYSE MMM opened at $148.65 on Friday. 3M has a 1 year low of $75.40 and a 1 year high of $155.00. The stock has a market capitalization of $80.70 billion, a PE ratio of 19.69, a PEG ratio of 3.37 and a beta of 0.96. 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 business’s 50-day moving average is $138.49 and its 200 day moving average is $133.62.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the firm earned $2.42 earnings per share. The business’s revenue was down 25.0% compared to the same quarter last year. Sell-side analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. 3M’s payout ratio is presently 37.09%.

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.