8,193 Shares in 3M (NYSE:MMM) Acquired by Waterfront Wealth Inc.

Waterfront Wealth Inc. acquired a new stake in 3M (NYSE:MMM) during the second quarter, Holdings Channel reports. The fund acquired 8,193 shares of the conglomerate’s stock, valued at approximately $837,000.

A number of other large investors have also modified their holdings of the business. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $28,000. Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter worth $32,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M in the second quarter valued at $33,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Insiders Place Their Bets

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

3M Price Performance

MMM stock opened at $134.69 on Monday. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The company has a market cap of $73.99 billion, a price-to-earnings ratio of -10.59, a PEG ratio of 2.49 and a beta of 0.95. The firm has a 50 day moving average of $115.56 and a 200-day moving average of $103.78. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the business posted $2.17 earnings per share. As a group, equities analysts expect that 3M will post 7.2 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Analyst Ratings Changes

A number of research analysts recently issued reports on MMM shares. Wells Fargo & Company lifted their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Barclays upped their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, HSBC upgraded 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $91.13 to $115.00 in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $124.38.

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.