3M (NYSE:MMM) Stake Lowered by LVW Advisors LLC

LVW Advisors LLC decreased its holdings in shares of 3M (NYSE:MMM) by 46.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,620 shares of the conglomerate’s stock after selling 3,985 shares during the quarter. LVW Advisors LLC’s holdings in 3M were worth $472,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Jade Capital Advisors LLC bought a new position in 3M in the 4th quarter valued at $4,373,000. Scarborough Advisors LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $978,000. KMG Fiduciary Partners LLC raised its stake in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after buying an additional 311 shares during the last quarter. Norden Group LLC lifted its stake in shares of 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after purchasing an additional 60,929 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

3M stock traded down $0.04 during midday trading on Tuesday, reaching $123.32. The company’s stock had a trading volume of 352,681 shares, compared to its average volume of 5,366,801. The stock has a market cap of $68.24 billion, a PE ratio of -9.70, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 52 week low of $71.12 and a 52 week high of $128.65. The business has a 50-day moving average price of $107.51 and a 200-day moving average price of $100.31.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the business posted $2.17 EPS. On average, sell-side analysts predict that 3M will post 7.21 EPS for the current year.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed 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 stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’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 owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MMM. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. Royal Bank of Canada lifted their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. UBS Group lifted their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Wells Fargo & Company upped their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $123.57.

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.