Accurate Wealth Management LLC Purchases 943 Shares of 3M (NYSE:MMM)

Accurate Wealth Management LLC increased its position in 3M (NYSE:MMM) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,528 shares of the conglomerate’s stock after purchasing an additional 943 shares during the quarter. Accurate Wealth Management LLC’s holdings in 3M were worth $1,295,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Simplicity Wealth LLC lifted its holdings in shares of 3M by 200.4% during the 1st quarter. Simplicity Wealth LLC now owns 4,848 shares of the conglomerate’s stock valued at $712,000 after purchasing an additional 3,234 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of 3M by 2.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 21,922 shares of the conglomerate’s stock valued at $3,219,000 after acquiring an additional 509 shares during the period. Harbor Capital Advisors Inc. acquired a new position in 3M during the first quarter worth approximately $1,226,000. Regatta Capital Group LLC acquired a new stake in 3M during the 1st quarter valued at $221,000. Finally, Northstar Advisory Group LLC raised its position in shares of 3M by 3.8% in the first quarter. Northstar Advisory Group LLC now owns 19,538 shares of the conglomerate’s stock valued at $2,869,000 after purchasing an additional 709 shares during the period. Institutional investors own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 24th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average target price of $153.46.

3M Trading Down 0.9%

MMM opened at $144.24 on Tuesday. The stock has a market capitalization of $77.63 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 3.30 and a beta of 1.03. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a 50-day simple moving average of $141.11 and a 200 day simple moving average of $141.55.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.02%. 3M’s dividend payout ratio is currently 36.87%.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on 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 sale, the executive vice president now 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. Corporate insiders own 0.34% of the company’s stock.

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.