Paulson Wealth Management Inc. lowered its holdings in shares of 3M Company (NYSE:MMM – Free Report) by 4.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,452 shares of the conglomerate’s stock after selling 109 shares during the quarter. Paulson Wealth Management Inc.’s holdings in 3M were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in MMM. REAP Financial Group LLC increased its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in 3M in the 4th quarter worth approximately $28,000. Curat Global LLC purchased a new stake in 3M in the 1st quarter worth approximately $29,000. Intelligent Financial Strategies purchased a new stake in 3M in the 1st quarter worth approximately $42,000. Finally, Investment Management Corp VA ADV increased its holdings in 3M by 173.6% in the 1st quarter. Investment Management Corp VA ADV now owns 301 shares of the conglomerate’s stock worth $44,000 after acquiring an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.
Wall Street Analysts Forecast Growth
MMM has been the subject of several analyst reports. Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday, July 18th. Royal Bank Of Canada upped their price target on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of 3M in a research note on Friday, July 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $158.10.
3M Stock Up 1.0%
Shares of MMM opened at $153.33 on Monday. The company has a market cap of $81.67 billion, a PE ratio of 21.33, a P/E/G ratio of 2.97 and a beta of 1.05. The business has a fifty day moving average of $149.98 and a 200 day moving average of $146.94. 3M Company has a 52-week low of $121.98 and a 52-week high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period last year, the company earned $1.93 earnings per share. 3M’s revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts expect that 3M Company will post 7.8 EPS for the current year.
3M Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M’s payout ratio is 40.61%.
Insiders Place Their Bets
In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 completion of the sale, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,316 shares of company stock worth $3,780,296. 0.48% of the stock is currently owned by company insiders.
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.
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