Avaii Wealth Management LLC Acquires Shares of 1,411 3M (NYSE:MMM)

Avaii Wealth Management LLC acquired a new stake in shares of 3M (NYSE:MMM) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,411 shares of the conglomerate’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMM. Wayfinding Financial LLC purchased a new position in shares of 3M during the 4th quarter worth approximately $851,000. Ensign Peak Advisors Inc grew its holdings in 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate’s stock valued at $82,921,000 after buying an additional 145,146 shares during the last quarter. Braun Stacey Associates Inc. grew its holdings 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 buying an additional 22,203 shares during the last quarter. Asahi Life Asset Management CO. LTD. grew its holdings in 3M by 34.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate’s stock valued at $1,616,000 after buying an additional 3,173 shares during the last quarter. Finally, Allstate Corp acquired a new stake in shares of 3M during the fourth quarter worth $2,101,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction 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 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

3M Stock Performance

Shares of MMM stock opened at $142.17 on Friday. The business has a 50 day moving average of $142.25 and a two-hundred day moving average of $141.77. The company has a market cap of $76.51 billion, a P/E ratio of 18.83, a PEG 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 52 week low of $98.26 and a 52 week high of $156.35.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M’s payout ratio is 36.87%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Wednesday. Royal Bank of Canada raised their price objective on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, April 23rd. Barclays raised their target price on 3M from $160.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $155.83.

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.