MFA Wealth Advisors LLC Acquires New Shares in 3M (NYSE:MMM)

MFA Wealth Advisors LLC bought a new position in shares of 3M (NYSE:MMM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 270 shares of the conglomerate’s stock, valued at approximately $28,000.

Several other hedge funds have also recently bought and sold shares of the business. Jade Capital Advisors LLC bought a new position in shares of 3M in the 4th quarter valued at approximately $4,373,000. Scarborough Advisors LLC acquired a new stake in shares of 3M in the fourth quarter worth $978,000. KMG Fiduciary Partners LLC boosted its holdings in shares of 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after buying an additional 311 shares during the period. Norden Group LLC grew its stake in 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after buying an additional 60,929 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. lifted its position in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Barclays lifted their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Thursday, June 13th. Bank of America increased their price target on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $123.57.

Insider Buying and Selling at 3M

In other news, 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 sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

MMM stock traded up $1.53 during trading on Wednesday, hitting $129.23. 3,660,869 shares of the stock traded hands, compared to its average volume of 5,302,373. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $71.51 billion, a price-to-earnings ratio of -10.16, a P/E/G ratio of 2.34 and a beta of 0.95. 3M has a one year low of $71.12 and a one year high of $129.99. The company has a 50 day simple moving average of $111.30 and a 200 day simple moving average of $101.82.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company earned $2.17 EPS. Equities analysts expect that 3M will post 7.21 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is 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.