3M (NYSE:MMM) Shares Bought by Element Wealth LLC

Element Wealth LLC lifted its holdings in 3M (NYSE:MMM) by 11.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,424 shares of the conglomerate’s stock after acquiring an additional 258 shares during the period. Element Wealth LLC’s holdings in 3M were worth $265,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Fragasso Group Inc. increased its position in shares of 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares in the last quarter. Bangor Savings Bank increased its position in shares of 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after acquiring an additional 104 shares in the last quarter. Allen Capital Group LLC increased its position in shares of 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC grew its holdings in 3M by 4.0% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after purchasing an additional 111 shares in the last quarter. Finally, Money Concepts Capital Corp grew its holdings in 3M by 5.3% during the 3rd quarter. Money Concepts Capital Corp now owns 2,244 shares of the conglomerate’s stock valued at $210,000 after purchasing an additional 112 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

MMM has been the subject of a number of recent analyst reports. Barclays lowered their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Citigroup raised their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 16th. Royal Bank of Canada dropped their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $104.00.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is currently owned by company insiders.

3M Stock Performance

Shares of NYSE MMM traded up $0.38 during midday trading on Tuesday, hitting $93.00. The company’s stock had a trading volume of 3,694,999 shares, compared to its average volume of 5,803,836. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The firm’s fifty day moving average price is $95.72 and its 200-day moving average price is $97.40. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The firm has a market cap of $51.46 billion, a P/E ratio of -7.36, a P/E/G ratio of 1.63 and a beta of 1.02.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the business posted $2.28 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 6.49%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

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.