Evoke Wealth LLC Acquires 373 Shares of 3M (NYSE:MMM)

Evoke Wealth LLC raised its holdings in 3M (NYSE:MMM) by 3.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,202 shares of the conglomerate’s stock after purchasing an additional 373 shares during the period. Evoke Wealth LLC’s holdings in 3M were worth $1,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MMM. Financial Life Planners bought a new position in 3M in the fourth quarter valued at about $25,000. Proficio Capital Partners LLC bought a new position in 3M in the fourth quarter valued at about $26,000. FSA Wealth Management LLC acquired a new stake in shares of 3M during the third quarter valued at about $27,000. Daymark Wealth Partners LLC boosted its stake in shares of 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC boosted its stake in shares of 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent research reports. Citigroup lifted their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Barclays lifted their price target on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Trading Down 1.7 %

Shares of MMM stock opened at $150.64 on Wednesday. The company has a market cap of $81.78 billion, a P/E ratio of 19.95, a PEG ratio of 3.30 and a beta of 0.97. The stock has a 50 day simple moving average of $147.25 and a two-hundred day simple moving average of $137.15. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a fifty-two week low of $85.62 and a fifty-two week high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.42 earnings per share. Research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s payout ratio is currently 38.68%.

3M Company 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.