Fairvoy Private Wealth LLC Boosts Stock Position in 3M (NYSE:MMM)

Fairvoy Private Wealth LLC raised its holdings in 3M (NYSE:MMM) by 35.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,811 shares of the conglomerate’s stock after buying an additional 2,047 shares during the quarter. Fairvoy Private Wealth LLC’s holdings in 3M were worth $1,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wayfinding Financial LLC purchased a new stake in shares of 3M during the 4th quarter worth about $851,000. Ensign Peak Advisors Inc grew its holdings in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock worth $82,921,000 after purchasing an additional 145,146 shares during the period. Braun Stacey Associates Inc. grew its holdings in shares of 3M by 18.4% during the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after purchasing an additional 22,203 shares during the period. Asahi Life Asset Management CO. LTD. grew its holdings in shares of 3M by 34.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock worth $1,616,000 after purchasing an additional 3,173 shares during the period. Finally, Allstate Corp purchased a new stake in shares of 3M during the 4th quarter worth about $2,101,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

Shares of MMM opened at $142.17 on Friday. The company has a market cap of $76.51 billion, a P/E ratio of 18.83, a PEG ratio of 3.30 and a beta of 1.03. The stock has a fifty day moving average price of $142.25 and a 200 day moving average price of $141.84. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 12 month low of $98.26 and a 12 month high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.05%. 3M’s payout ratio is 36.87%.

Insider Activity

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president now directly owns 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares of the company’s stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Finally, Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $155.83.

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.