Leverty Financial Group LLC Boosts Holdings in 3M (NYSE:MMM)

Leverty Financial Group LLC boosted its stake in 3M (NYSE:MMM) by 15.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,758 shares of the conglomerate’s stock after acquiring an additional 2,609 shares during the period. 3M comprises approximately 1.2% of Leverty Financial Group LLC’s portfolio, making the stock its 11th largest position. Leverty Financial Group LLC’s holdings in 3M were worth $2,902,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Wayfinding Financial LLC acquired a new position in shares of 3M in the 4th quarter valued at $851,000. Ensign Peak Advisors Inc increased its stake in 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock valued at $82,921,000 after purchasing an additional 145,146 shares during the period. Braun Stacey Associates Inc. raised its stake in 3M by 18.4% during the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock valued at $18,408,000 after acquiring an additional 22,203 shares during the last quarter. Asahi Life Asset Management CO. LTD. raised its stake in shares of 3M by 34.0% during the fourth 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 last quarter. Finally, Savant Capital LLC raised its position in 3M by 4.1% during the 4th quarter. Savant Capital LLC now owns 74,518 shares of the conglomerate’s stock worth $9,620,000 after buying an additional 2,907 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Activity at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were 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 in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares in the company, 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. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. increased their price target on shares of 3M from $140.00 to $167.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Barclays raised 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. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, May 24th. Royal Bank of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Finally, Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $153.46.

3M Trading Up 1.3%

NYSE:MMM opened at $148.27 on Wednesday. The stock has a market cap of $79.80 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a fifty-two week low of $97.68 and a fifty-two week high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock’s 50-day moving average is $141.20 and its two-hundred day moving average is $140.98.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.97%. 3M’s dividend payout ratio is 36.87%.

3M Company 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.