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

Element Wealth LLC lifted its position in shares of 3M (NYSE:MMM) by 11.9% during the 4th quarter, according to the company in its most recent 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 quarter. Element Wealth LLC’s holdings in 3M were worth $265,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. CGC Financial Services LLC lifted its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in 3M in the 3rd quarter valued at about $35,000. Authentikos Wealth Advisory LLC purchased a new position in 3M in the 3rd quarter valued at about $37,000. VisionPoint Advisory Group LLC lifted its stake in 3M by 91.9% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 449 shares of the conglomerate’s stock valued at $42,000 after buying an additional 215 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new position in 3M in the 3rd quarter valued at about $44,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MMM shares. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. Finally, Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $104.00.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on 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 sale, 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 filing with the SEC, which is available through the SEC website. Insiders own 0.38% of the company’s stock.

3M Stock Up 0.4 %

Shares of NYSE:MMM traded up $0.38 during 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. The business has a 50 day moving average price of $95.72 and a two-hundred day moving average price of $97.40. The company has a market capitalization of $51.46 billion, a PE ratio of -7.36, a P/E/G ratio of 1.63 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.28 earnings per share. As a group, research analysts expect that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

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

About 3M

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.