West Michigan Advisors LLC Takes Position in 3M (NYSE:MMM)

West Michigan Advisors LLC bought a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,641 shares of the conglomerate’s stock, valued at approximately $224,000.

Several other institutional investors have also recently added to or reduced their stakes in MMM. Wealthcare Advisory Partners LLC boosted its stake in 3M by 20.7% during the first quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock worth $1,696,000 after acquiring an additional 2,741 shares in the last quarter. Grimes & Company Inc. raised its holdings in 3M by 3.5% during the first quarter. Grimes & Company Inc. now owns 8,945 shares of the conglomerate’s stock worth $949,000 after buying an additional 301 shares during the last quarter. Ridgecrest Wealth Partners LLC bought a new position in shares of 3M in the first quarter valued at $214,000. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its holdings in shares of 3M by 20.0% during the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 6,110 shares of the conglomerate’s stock valued at $648,000 after buying an additional 1,017 shares during the last quarter. Finally, Iron Horse Wealth Management LLC increased its position in shares of 3M by 505.0% during the first quarter. Iron Horse Wealth Management LLC now owns 611 shares of the conglomerate’s stock worth $65,000 after acquiring an additional 510 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 1.4 %

Shares of NYSE MMM opened at $124.73 on Friday. The stock has a market capitalization of $68.52 billion, a P/E ratio of 15.75, a PEG ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a one year low of $72.47 and a one year high of $141.34. The firm’s 50 day simple moving average is $133.05 and its two-hundred day simple moving average is $113.65.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.68 EPS. As a group, analysts expect that 3M will post 7.26 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s dividend payout ratio is currently 35.35%.

Wall Street Analyst Weigh In

MMM has been the subject of several recent research reports. Citigroup upped their price target on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $135.67.

Insiders Place Their Bets

In other news, 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 transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred 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 sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.