SilverOak Wealth Management LLC Sells 1,645 Shares of 3M Company (NYSE:MMM)

SilverOak Wealth Management LLC cut its holdings in shares of 3M Company (NYSE:MMM) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,047 shares of the conglomerate’s stock after selling 1,645 shares during the period. 3M accounts for approximately 2.7% of SilverOak Wealth Management LLC’s investment portfolio, making the stock its 9th biggest holding. SilverOak Wealth Management LLC’s holdings in 3M were worth $12,490,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. BXM Wealth LLC boosted its holdings in 3M by 11.3% in the first quarter. BXM Wealth LLC now owns 2,225 shares of the conglomerate’s stock valued at $327,000 after purchasing an additional 225 shares during the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of 3M by 2.7% during the 1st quarter. Stratos Wealth Advisors LLC now owns 3,941 shares of the conglomerate’s stock worth $579,000 after acquiring an additional 102 shares in the last quarter. Hourglass Capital LLC boosted its stake in shares of 3M by 6.5% during the 1st quarter. Hourglass Capital LLC now owns 22,840 shares of the conglomerate’s stock worth $3,354,000 after acquiring an additional 1,390 shares in the last quarter. Alpha Cubed Investments LLC purchased a new stake in shares of 3M during the 1st quarter worth about $219,000. Finally, Capital Management Associates Inc boosted its stake in shares of 3M by 9.0% during the 1st quarter. Capital Management Associates Inc now owns 6,592 shares of the conglomerate’s stock worth $968,000 after acquiring an additional 545 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Down 0.6%

Shares of NYSE MMM opened at $151.95 on Tuesday. The company has a 50 day simple moving average of $146.91 and a 200-day simple moving average of $143.97. The company has a market capitalization of $81.78 billion, a P/E ratio of 19.19, a P/E/G ratio of 2.99 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. On average, equities research analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.92%. 3M’s payout ratio is currently 36.87%.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the 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 completion of the transaction, the executive vice president owned 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents 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 the 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 directly owned 6,127 shares of the company’s stock, valued at $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MMM. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Friday, June 27th. Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research note on Friday, May 30th. Barclays upped their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company upped their price target on shares of 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $155.83.

About 3M

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.