Tradition Wealth Management LLC Boosts Holdings in 3M Company $MMM

Tradition Wealth Management LLC boosted its stake in shares of 3M Company (NYSE:MMM) by 2.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 45,443 shares of the conglomerate’s stock after purchasing an additional 1,157 shares during the period. Tradition Wealth Management LLC’s holdings in 3M were worth $6,674,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MMM. Northern Trust Corp grew its holdings in 3M by 12.6% during the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after acquiring an additional 755,155 shares during the period. Invesco Ltd. lifted its holdings in 3M by 0.7% in the first quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate’s stock valued at $660,695,000 after acquiring an additional 30,260 shares during the period. Bank of America Corp DE boosted its position in 3M by 4.2% in the 4th quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate’s stock worth $551,245,000 after purchasing an additional 172,815 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of 3M by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate’s stock worth $467,944,000 after purchasing an additional 193,957 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of 3M by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate’s stock valued at $458,500,000 after purchasing an additional 199,944 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’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 transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares of the company’s stock, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,401 shares of company stock valued at $2,600,803 over the last 90 days. 0.48% of the stock is currently owned by corporate insiders.

3M Price Performance

NYSE:MMM opened at $154.2170 on Wednesday. The stock has a 50 day moving average of $151.33 and a two-hundred day moving average of $147.17. 3M Company has a 12 month low of $121.98 and a 12 month high of $164.15. The firm has a market cap of $82.14 billion, a P/E ratio of 21.45, a price-to-earnings-growth ratio of 2.96 and a beta of 1.05. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%.The business’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 earnings per share. On average, analysts expect that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.9%. 3M’s dividend payout ratio (DPR) is presently 40.61%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MMM. Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Barclays set a $170.00 target price on 3M in a research report on Friday, July 18th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Thursday, August 14th. Wells Fargo & Company reiterated an “overweight” rating on shares of 3M in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. set a $167.00 price objective on 3M in a report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus target price of $158.10.

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.