3M (NYSE:MMM) Shares Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lifted its position in 3M (NYSE:MMM) by 40.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,866 shares of the conglomerate’s stock after acquiring an additional 2,542 shares during the quarter. Axxcess Wealth Management LLC’s holdings in 3M were worth $906,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Balyasny Asset Management L.P. increased its stake in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Capital World Investors acquired a new stake in 3M during the first quarter worth about $165,986,000. National Bank of Canada FI lifted its holdings in 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC boosted its stake in 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after acquiring an additional 808,914 shares during the period. Finally, Schroder Investment Management Group grew its holdings in shares of 3M by 129.8% during the fourth quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate’s stock valued at $147,858,000 after purchasing an additional 764,066 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Finally, StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $124.43.

Insiders Place Their Bets

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

3M Trading Up 0.4 %

Shares of MMM stock opened at $133.84 on Friday. The business’s 50 day moving average is $124.02 and its two-hundred day moving average is $107.50. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 12 month low of $71.12 and a 12 month high of $135.32. The company has a market cap of $74.06 billion, a PE ratio of -10.52, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -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.