Belpointe Asset Management LLC Sells 1,592 Shares of 3M Company $MMM

Belpointe Asset Management LLC cut its holdings in shares of 3M Company (NYSE:MMM) by 14.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,675 shares of the conglomerate’s stock after selling 1,592 shares during the quarter. Belpointe Asset Management LLC’s holdings in 3M were worth $1,473,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Nuveen LLC acquired a new stake in shares of 3M during the 1st quarter worth approximately $235,020,000. Alliancebernstein L.P. boosted its position in shares of 3M by 23.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate’s stock worth $459,339,000 after acquiring an additional 586,851 shares in the last quarter. Amundi boosted its position in shares of 3M by 20.7% during the 1st quarter. Amundi now owns 3,030,397 shares of the conglomerate’s stock worth $423,471,000 after acquiring an additional 519,302 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of 3M during the 1st quarter worth approximately $68,822,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 3M by 10.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate’s stock worth $616,597,000 after acquiring an additional 414,160 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares of the company’s stock, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on MMM shares. Deutsche Bank Aktiengesellschaft increased their price target on shares of 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Wells Fargo & Company raised their target price on shares of 3M from $170.00 to $176.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings upgraded shares of 3M from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, September 27th. Finally, JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a research report on Friday, July 18th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.70.

3M Stock Performance

Shares of 3M stock opened at $155.30 on Wednesday. The company’s 50 day moving average price is $154.53 and its two-hundred day moving average price is $148.64. The firm has a market capitalization of $82.72 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.58 and a beta of 1.05. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion during 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%.3M’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 earnings per share. On average, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M’s dividend payout ratio is presently 40.61%.

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.