Allworth Financial LP Acquires 1,273 Shares of 3M (NYSE:MMM)

Allworth Financial LP raised its holdings in 3M (NYSE:MMMGet Rating) by 11.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,452 shares of the conglomerate’s stock after purchasing an additional 1,273 shares during the period. Allworth Financial LP’s holdings in 3M were worth $1,611,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Landmark Wealth Management LLC acquired a new position in shares of 3M in the 1st quarter valued at approximately $25,000. US Asset Management LLC acquired a new position in shares of 3M in the 1st quarter valued at approximately $34,000. First Quadrant LLC CA acquired a new position in shares of 3M in the 1st quarter valued at approximately $34,000. Iron Horse Wealth Management LLC raised its position in shares of 3M by 125.0% in the 1st quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock valued at $43,000 after buying an additional 160 shares in the last quarter. Finally, DeDora Capital Inc. acquired a new position in shares of 3M in the 1st quarter valued at approximately $45,000. Institutional investors own 64.90% of the company’s stock.

3M Trading Down 0.6 %

NYSE:MMM opened at $114.14 on Friday. The firm’s fifty day moving average is $133.60 and its 200-day moving average is $140.01. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.90 and a current ratio of 1.47. 3M has a 52 week low of $113.43 and a 52 week high of $186.30. The firm has a market cap of $65.01 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.18 and a beta of 0.99.

3M (NYSE:MMMGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.07. 3M had a net margin of 11.83% and a return on equity of 39.11%. The company had revenue of $8.70 billion for the quarter, compared to analyst estimates of $8.70 billion. During the same period in the prior year, the firm posted $2.59 EPS. The company’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts expect that 3M will post 10.42 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were paid a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.22%. The ex-dividend date of this dividend was Friday, August 19th. 3M’s dividend payout ratio is currently 83.24%.

Insider Activity

In other news, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now directly owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Eric D. Hammes sold 3,145 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $147.31, for a total transaction of $463,289.95. Following the transaction, the executive vice president now directly owns 8,818 shares of the company’s stock, valued at $1,298,979.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael G. Vale sold 36,771 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the transaction, the insider now directly owns 65,321 shares in the company, valued at $9,357,886.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,121 shares of company stock valued at $6,644,865. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on MMM shares. Bank of America dropped their target price on shares of 3M from $165.00 to $140.00 in a research report on Friday, September 2nd. Citigroup upped their price objective on shares of 3M from $136.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Barclays lowered their price objective on shares of 3M from $143.00 to $137.00 and set an “underweight” rating for the company in a research report on Wednesday, July 27th. Wells Fargo & Company lowered their price objective on shares of 3M from $144.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, September 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of 3M from $155.00 to $127.00 and set a “hold” rating for the company in a research report on Friday, September 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $147.43.

3M Company Profile

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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