3M (NYSE:MMM) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC lifted its holdings in shares of 3M (NYSE:MMM) by 16.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,827 shares of the conglomerate’s stock after acquiring an additional 404 shares during the period. Sound Income Strategies LLC’s holdings in 3M were worth $289,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tributary Capital Management LLC purchased a new stake in shares of 3M during the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its stake in 3M by 419.1% in the first 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 in the last quarter. Northwest Investment Counselors LLC acquired a new position in 3M in the first quarter valued at $32,000. Livelsberger Financial Advisory purchased a new position in shares of 3M during the fourth quarter worth about $35,000. Finally, Godsey & Gibb Inc. acquired a new stake in shares of 3M during the first quarter worth about $42,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. 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 3M stock in a transaction dated 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MMM. HSBC upgraded 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Barclays lifted their price objective on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus target price of $123.57.

3M Stock Performance

Shares of MMM stock traded down $0.96 during trading hours on Friday, reaching $124.17. 3,247,914 shares of the company’s stock were exchanged, compared to its average volume of 5,417,748. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company’s 50 day moving average is $107.04 and its two-hundred day moving average is $100.07. The company has a market cap of $68.71 billion, a P/E ratio of -9.76, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $128.65.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) 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 analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the business posted $2.17 earnings per share. Equities research analysts anticipate that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.25%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

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.