3M Co (NYSE:MMM) Shares Purchased by Financial Architects Inc
Financial Architects Inc lifted its stake in 3M Co (NYSE:MMM) by 33.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,026 shares of the conglomerate’s stock after acquiring an additional 755 shares during the quarter. Financial Architects Inc’s holdings in 3M were worth $413,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of MMM. Braun Bostich & Associates Inc. acquired a new stake in 3M during the 4th quarter worth approximately $30,000. IndexIQ Advisors LLC acquired a new stake in shares of 3M in the 4th quarter valued at $35,000. Tsfg LLC grew its position in shares of 3M by 52.7% in the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Cascade Investment Advisors Inc. purchased a new position in shares of 3M in the 1st quarter valued at $28,000. Finally, Total Clarity Wealth Management Inc. purchased a new position in shares of 3M in the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 68.20% of the company’s stock.
In other 3M news, SVP Ty R. Silberhorn sold 1,967 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $158.19, for a total value of $311,159.73. Following the completion of the sale, the senior vice president now owns 3,849 shares of the company’s stock, valued at $608,873.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael G. Vale sold 6,250 shares of 3M stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $159.17, for a total transaction of $994,812.50. Following the sale, the executive vice president now directly owns 53,804 shares of the company’s stock, valued at approximately $8,563,982.68. The disclosure for this sale can be found here. Insiders sold a total of 48,401 shares of company stock worth $7,236,846 over the last ninety days. 0.42% of the stock is currently owned by insiders.
3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the business earned $2.23 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that 3M Co will post 7.89 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be paid a $1.47 dividend. The ex-dividend date is Thursday, May 21st. This represents a $5.88 annualized dividend and a dividend yield of 4.24%. 3M’s payout ratio is currently 64.62%.
Several research analysts have issued reports on the stock. Langenberg & Company raised shares of 3M to a “buy” rating and set a $180.00 price objective on the stock in a research report on Thursday, April 9th. Royal Bank of Canada raised their price objective on shares of 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Barclays lifted their target price on shares of 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 29th. Gordon Haskett cut shares of 3M from a “hold” rating to an “underperform” rating in a research report on Monday, March 30th. Finally, Citigroup lifted their price target on shares of 3M from $146.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $161.85.
3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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