Premier Path Wealth Partners LLC Acquires 848 Shares of 3M (NYSE:MMM)

Premier Path Wealth Partners LLC boosted its holdings in shares of 3M (NYSE:MMM) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,240 shares of the conglomerate’s stock after acquiring an additional 848 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in 3M were worth $1,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Diversified LLC bought a new position in 3M during the second quarter valued at approximately $631,000. Slagle Financial LLC raised its position in shares of 3M by 7.6% in the second quarter. Slagle Financial LLC now owns 17,442 shares of the conglomerate’s stock valued at $1,782,000 after purchasing an additional 1,227 shares during the period. Unique Wealth Strategies LLC bought a new position in shares of 3M in the second quarter valued at approximately $88,000. &PARTNERS raised its position in shares of 3M by 91.4% in the second quarter. &PARTNERS now owns 13,784 shares of the conglomerate’s stock valued at $1,409,000 after purchasing an additional 6,582 shares during the period. Finally, Cultivar Capital Inc. bought a new position in shares of 3M in the second quarter valued at approximately $102,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

3M stock traded up $1.94 on Friday, hitting $130.54. The company’s stock had a trading volume of 2,617,072 shares, compared to its average volume of 5,267,496. The firm has a market cap of $72.24 billion, a P/E ratio of -10.26, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a fifty day moving average price of $112.44 and a 200-day moving average price of $102.27. 3M has a one year low of $71.12 and a one year high of $130.65.

3M (NYSE:MMM) last announced its quarterly earnings results 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. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the firm posted $2.17 EPS. On average, equities analysts anticipate that 3M will post 7.21 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.14%. The ex-dividend date is Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MMM shares. Barclays lifted their price target on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Finally, Bank of America raised their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. One research 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, 3M presently has an average rating of “Hold” and an average target price of $123.57.

3M 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.