Mark Sheptoff Financial Planning LLC Acquires 6,900 Shares of 3M (NYSE:MMM)

Mark Sheptoff Financial Planning LLC increased its holdings in shares of 3M (NYSE:MMM) by 606.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,038 shares of the conglomerate’s stock after acquiring an additional 6,900 shares during the period. Mark Sheptoff Financial Planning LLC’s holdings in 3M were worth $821,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Tributary Capital Management LLC purchased a new position in shares of 3M during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M during the second quarter valued at $28,000. Meeder Asset Management Inc. raised its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter worth $32,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Royal Bank of Canada lifted their price target on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Bank of America boosted their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Barclays increased their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, 3M has an average rating of “Hold” and an average target price of $124.43.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Stock Performance

Shares of MMM opened at $133.35 on Thursday. The firm has a market capitalization of $73.79 billion, a P/E ratio of -10.48, a PEG ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a one year low of $71.12 and a one year high of $135.28. The business has a fifty day moving average of $123.40 and a 200 day moving average of $107.32.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the firm posted $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. 3M’s dividend payout ratio is currently -22.01%.

3M Company Profile

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.