Ieq Capital LLC Acquires 8,466 Shares of 3M (NYSE:MMM)

Ieq Capital LLC lifted its holdings in 3M (NYSE:MMMGet Rating) by 186.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,008 shares of the conglomerate’s stock after buying an additional 8,466 shares during the period. Ieq Capital LLC’s holdings in 3M were worth $1,437,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Kesler Norman & Wride LLC boosted its stake in shares of 3M by 1.3% during the 2nd quarter. Kesler Norman & Wride LLC now owns 5,411 shares of the conglomerate’s stock worth $700,000 after purchasing an additional 71 shares during the period. Venture Visionary Partners LLC boosted its stake in shares of 3M by 0.4% during the 2nd quarter. Venture Visionary Partners LLC now owns 18,721 shares of the conglomerate’s stock worth $2,423,000 after purchasing an additional 73 shares during the period. Cornerstone Wealth Management LLC boosted its stake in shares of 3M by 1.5% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 4,919 shares of the conglomerate’s stock worth $637,000 after purchasing an additional 73 shares during the period. Sfmg LLC boosted its stake in shares of 3M by 2.9% during the 2nd quarter. Sfmg LLC now owns 2,632 shares of the conglomerate’s stock worth $341,000 after purchasing an additional 73 shares during the period. Finally, Options Solutions LLC boosted its stake in shares of 3M by 3.1% during the 2nd quarter. Options Solutions LLC now owns 2,454 shares of the conglomerate’s stock worth $318,000 after purchasing an additional 73 shares during the period. 65.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of 3M from $117.00 to $126.00 and gave the company a “neutral” rating in a research report on Friday, December 9th. Wells Fargo & Company upped their price target on shares of 3M from $123.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 19th. The Goldman Sachs Group lowered their price target on shares of 3M from $149.00 to $129.00 and set a “neutral” rating for the company in a research report on Tuesday, October 11th. Royal Bank of Canada boosted their price objective on shares of 3M from $107.00 to $113.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 26th. Finally, Mizuho reduced their price objective on shares of 3M from $140.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 26th. Three research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $133.79.

3M Price Performance

3M stock opened at $115.00 on Wednesday. 3M has a 12-month low of $102.58 and a 12-month high of $175.25. The stock has a market capitalization of $63.57 billion, a P/E ratio of 10.02, a P/E/G ratio of 1.27 and a beta of 1.00. The firm’s 50-day moving average is $124.56 and its two-hundred day moving average is $126.19. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.56 and a quick ratio of 0.97.

3M (NYSE:MMMGet Rating) last released its earnings results on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.38 by ($0.10). 3M had a return on equity of 40.03% and a net margin of 18.91%. The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the business posted $2.31 earnings per share. 3M’s revenue was down 5.9% on a year-over-year basis. Equities analysts predict that 3M will post 10.17 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were issued a $1.49 dividend. The ex-dividend date was Thursday, November 17th. This represents a $5.96 annualized dividend and a yield of 5.18%. 3M’s payout ratio is 51.92%.

Insider Activity at 3M

In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $126.28, for a total value of $135,245.88. Following the transaction, the senior vice president now owns 3,313 shares in the company, valued at $418,365.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.40, for a total value of $720,859.20. Following the completion of the sale, the executive vice president now owns 2,033 shares in the company, valued at $256,971.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of 3M stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.28, for a total transaction of $135,245.88. Following the completion of the sale, the senior vice president now owns 3,313 shares of the company’s stock, valued at approximately $418,365.64. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.

3M Company Profile

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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