3M (NYSE:MMM) Shares Bought by Westshore Wealth LLC

Westshore Wealth LLC lifted its stake in 3M (NYSE:MMMGet Rating) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,159 shares of the conglomerate’s stock after buying an additional 102 shares during the period. Westshore Wealth LLC’s holdings in 3M were worth $538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Landmark Wealth Management LLC acquired a new stake in 3M in the 1st quarter valued at approximately $25,000. US Asset Management LLC acquired a new stake in shares of 3M in the first quarter worth $34,000. First Quadrant LLC CA acquired a new stake in shares of 3M in the first quarter worth $34,000. Iron Horse Wealth Management LLC raised its holdings in shares of 3M by 125.0% during the first quarter. Iron Horse Wealth Management LLC now owns 288 shares of the conglomerate’s stock worth $43,000 after acquiring an additional 160 shares in the last quarter. Finally, DeDora Capital Inc. purchased a new stake in shares of 3M during the first quarter worth $45,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

3M Stock Performance

NYSE MMM traded down $1.29 on Friday, reaching $112.85. 126,931 shares of the stock were exchanged, compared to its average volume of 21,039,812. 3M has a one year low of $113.43 and a one year high of $186.30. The firm has a market capitalization of $64.28 billion, a PE ratio of 15.85, a PEG ratio of 1.16 and a beta of 0.99. The company’s 50-day simple moving average is $133.60 and its two-hundred day simple moving average is $140.01. The company has a current ratio of 1.47, a quick ratio of 0.90 and a debt-to-equity ratio of 1.01.

3M (NYSE:MMMGet Rating) last announced its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.07. The company had revenue of $8.70 billion for the quarter, compared to analysts’ expectations of $8.70 billion. 3M had a net margin of 11.83% and a return on equity of 39.11%. 3M’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.59 earnings per share. Analysts expect that 3M will post 10.42 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 22nd were issued a $1.49 dividend. The ex-dividend date was Friday, August 19th. This represents a $5.96 dividend on an annualized basis and a yield of 5.28%. 3M’s dividend payout ratio is presently 83.24%.

Insiders Place Their Bets

In related news, insider Michael G. Vale sold 36,771 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the sale, the insider now owns 65,321 shares in the company, valued at $9,357,886.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other 3M news, insider Michael G. Vale sold 36,771 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the completion of the sale, the insider now directly owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 3,145 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $150.32, for a total value of $472,756.40. Following the transaction, the executive vice president now owns 14,084 shares of the company’s stock, valued at $2,117,106.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,121 shares of company stock worth $6,644,865. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MMM. Deutsche Bank Aktiengesellschaft dropped their price objective on 3M from $155.00 to $127.00 and set a “hold” rating on the stock in a research note on Friday, September 9th. Barclays cut their target price on shares of 3M from $143.00 to $137.00 and set an “underweight” rating for the company in a research note on Wednesday, July 27th. Credit Suisse Group boosted their price objective on shares of 3M from $157.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Jefferies Financial Group dropped their target price on shares of 3M from $161.00 to $145.00 in a research report on Thursday, June 16th. Finally, Bank of America decreased their price target on shares of 3M from $165.00 to $140.00 in a report on Friday, September 2nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $147.43.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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