Strong Tower Advisory Services lifted its stake in shares of 3M (NYSE:MMM – Free Report) by 3.6% during the third quarter, HoldingsChannel.com reports. The firm owned 44,695 shares of the conglomerate’s stock after purchasing an additional 1,552 shares during the quarter. 3M makes up 1.7% of Strong Tower Advisory Services’ portfolio, making the stock its 19th largest position. Strong Tower Advisory Services’ holdings in 3M were worth $6,110,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MMM. Tributary Capital Management LLC purchased a new position in shares of 3M in the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC raised its position in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
MMM has been the subject of several research reports. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Barclays raised their target price on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $127.64.
3M Price Performance
Shares of MMM stock traded down $0.01 during mid-day trading on Friday, hitting $133.45. 643,939 shares of the stock were exchanged, compared to its average volume of 4,945,413. The firm has a fifty day moving average of $131.34 and a 200 day moving average of $111.23. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. The company has a market cap of $73.31 billion, a PE ratio of 78.51, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.
3M (NYSE:MMM – Get Free Report) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm 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 quarter in the prior year, the firm earned $2.17 EPS. Research analysts anticipate that 3M will post 7.24 earnings per share for the current year.
3M Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. 3M’s payout ratio is 164.71%.
Insider Buying and Selling at 3M
In other 3M 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 completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. 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 insiders.
3M 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.
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