Straight Path Wealth Management Decreases Stock Position in 3M Company (NYSE:MMM)

Straight Path Wealth Management decreased its position in 3M Company (NYSE:MMM) by 70.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,001 shares of the conglomerate’s stock after selling 7,000 shares during the quarter. Straight Path Wealth Management’s holdings in 3M were worth $441,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after purchasing an additional 280,048 shares during the last quarter. Northern Trust Corp raised its position in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors boosted its stake in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after buying an additional 1,248,093 shares during the last quarter. Norges Bank acquired a new stake in shares of 3M during the fourth quarter worth approximately $636,767,000. Finally, Invesco Ltd. increased its stake in shares of 3M by 51.6% in the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on MMM shares. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company raised their price objective on 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.83.

3M Trading Up 0.0%

NYSE:MMM opened at $153.82 on Thursday. The firm has a market capitalization of $82.78 billion, a P/E ratio of 19.42, a P/E/G ratio of 3.01 and a beta of 1.02. The business has a 50 day simple moving average of $146.06 and a 200 day simple moving average of $143.25. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 12-month low of $98.26 and a 12-month high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts predict that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M’s dividend payout ratio is presently 36.87%.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company’s stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

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.