Assetmark Inc. Increases Position in 3M Company (NYSE:MMM)

Assetmark Inc. grew its stake in 3M Company (NYSE:MMM) by 367.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,489 shares of the conglomerate’s stock after acquiring an additional 4,316 shares during the quarter. Assetmark Inc.’s holdings in 3M were worth $806,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LaSalle St. Investment Advisors LLC increased its holdings in 3M by 2.5% in the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after buying an additional 71 shares during the last quarter. TCV Trust & Wealth Management Inc. boosted its stake in 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate’s stock valued at $954,000 after acquiring an additional 73 shares in the last quarter. Cahaba Wealth Management Inc. boosted its stake in 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate’s stock valued at $819,000 after acquiring an additional 75 shares in the last quarter. Altman Advisors Inc. boosted its stake in 3M by 0.5% in the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate’s stock valued at $2,318,000 after acquiring an additional 76 shares in the last quarter. Finally, NBT Bank N A NY boosted its stake in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate’s stock valued at $1,431,000 after acquiring an additional 79 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Transactions at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 completion of the transaction, the executive vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Price Performance

Shares of MMM opened at $149.25 on Friday. 3M Company has a fifty-two week low of $119.31 and a fifty-two week high of $164.15. The company has a market capitalization of $79.50 billion, a price-to-earnings ratio of 20.76, a price-to-earnings-growth ratio of 2.84 and a beta of 1.02. The firm has a 50-day simple moving average of $149.85 and a 200-day simple moving average of $146.60. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate 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 net margin of 16.01% and a return on equity of 96.48%. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.93 earnings per share. On average, equities research analysts anticipate that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.0%. 3M’s payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Citigroup upped their price objective 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 price objective on shares of 3M in a research note on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an “overweight” rating on shares of 3M in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target 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.