Northwest Investment Counselors LLC Acquires Shares of 420 3M (NYSE:MMM)

Northwest Investment Counselors LLC bought a new position in shares of 3M (NYSE:MMM) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 420 shares of the conglomerate’s stock, valued at approximately $57,000.

A number of other hedge funds also recently modified their holdings of MMM. Tributary Capital Management LLC acquired a new stake in 3M during the first quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new position in 3M during the second quarter valued at approximately $28,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. increased its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Bank of America boosted their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $130.57.

3M Price Performance

3M stock opened at $134.83 on Tuesday. The stock’s 50 day moving average price is $132.90 and its two-hundred day moving average price is $113.18. The stock has a market capitalization of $74.61 billion, a price-to-earnings ratio of -10.60, a PEG ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $140.72.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the firm earned $2.17 EPS. On average, equities analysts predict that 3M will post 7.24 earnings per share for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. 3M’s dividend payout ratio (DPR) 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.