Wedmont Private Capital Raises Stock Holdings in 3M (NYSE:MMM)

Wedmont Private Capital grew its stake in 3M (NYSE:MMM) by 19.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,474 shares of the conglomerate’s stock after buying an additional 404 shares during the quarter. Wedmont Private Capital’s holdings in 3M were worth $334,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MMM. Tributary Capital Management LLC purchased a new stake in 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares in the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the second quarter worth about $28,000. Daymark Wealth Partners LLC grew its position in shares of 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insider Buying and Selling

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 completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 3M news, 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MMM shares. Barclays increased their target price on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Argus upgraded 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. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Citigroup increased their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $127.64.

3M Price Performance

NYSE:MMM opened at $134.75 on Friday. The firm has a market capitalization of $74.57 billion, a price-to-earnings ratio of -10.59, a PEG ratio of 2.49 and a beta of 0.95. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The business has a 50 day simple moving average of $131.53 and a 200-day simple moving average of $111.50. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company earned $2.17 EPS. Equities analysts forecast that 3M will post 7.24 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

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.