Waterfront Wealth Inc. acquired a new stake in 3M (NYSE:MMM – Free Report) 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
3M (NYSE:MMM – Get Free Report) 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.
View Our Latest Research Report on MMM
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.
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