Redwood Wealth Management Group LLC Buys Shares of 565 3M (NYSE:MMM)

Redwood Wealth Management Group LLC purchased a new position in shares of 3M (NYSE:MMM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 565 shares of the conglomerate’s stock, valued at approximately $58,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Gilbert & Cook Inc. purchased a new stake in shares of 3M in the 4th quarter valued at approximately $481,000. Aveo Capital Partners LLC acquired a new position in 3M during the fourth quarter worth $219,000. Level Four Advisory Services LLC boosted its position in shares of 3M by 19.9% during the fourth quarter. Level Four Advisory Services LLC now owns 7,811 shares of the conglomerate’s stock worth $854,000 after buying an additional 1,299 shares during the period. Main Street Financial Solutions LLC grew its stake in shares of 3M by 9.0% in the fourth quarter. Main Street Financial Solutions LLC now owns 4,947 shares of the conglomerate’s stock valued at $541,000 after buying an additional 407 shares in the last quarter. Finally, ING Groep NV raised its holdings in shares of 3M by 9.1% in the 4th quarter. ING Groep NV now owns 75,614 shares of the conglomerate’s stock valued at $8,266,000 after buying an additional 6,316 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s 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 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 Securities & Exchange Commission, which is available at this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction 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 sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE MMM opened at $133.18 on Monday. The stock’s 50-day simple moving average is $121.42 and its 200-day simple moving average is $106.54. The firm has a market capitalization of $73.16 billion, a PE ratio of -10.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $134.99. 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 (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the company earned $2.17 earnings per share. As a group, equities research analysts forecast that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is -22.01%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MMM shares. Bank of America lifted their target price on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research 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. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a research report on Thursday, June 13th. Finally, Barclays lifted their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Two 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’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $124.43.

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.