Optimum Investment Advisors Has $27,000 Stock Position in 3M (NYSE:MMM)

Optimum Investment Advisors cut its position in 3M (NYSE:MMM) by 71.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200 shares of the conglomerate’s stock after selling 500 shares during the period. Optimum Investment Advisors’ holdings in 3M were worth $27,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MMM. CVA Family Office LLC lifted its stake in shares of 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after buying an additional 79 shares in the last quarter. Fortis Capital Advisors LLC lifted its position in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in 3M by 0.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after purchasing an additional 97 shares during the last quarter. AMG National Trust Bank increased its holdings in 3M by 3.1% during the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 100 shares in the last quarter. Finally, Platinum Investment Management Ltd. lifted its holdings in shares of 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after purchasing an additional 104 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the 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 directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade 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. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent research reports. 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. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Bank of America upped their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $130.57.

3M Price Performance

Shares of NYSE:MMM opened at $135.14 on Friday. The firm has a market capitalization of $74.78 billion, a PE ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a 50-day moving average price of $132.67 and a two-hundred day moving average price of $112.59. 3M has a twelve month low of $71.12 and a twelve month high of $140.72.

3M (NYSE:MMM) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the firm earned $2.17 EPS. Equities analysts forecast that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.07%. 3M’s dividend payout ratio is currently -22.01%.

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.