3M (NYSE:MMM) Stake Lessened by Wealth Advisors of Tampa Bay LLC

Wealth Advisors of Tampa Bay LLC trimmed its position in 3M (NYSE:MMM) by 66.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,412 shares of the conglomerate’s stock after selling 22,398 shares during the period. Wealth Advisors of Tampa Bay LLC’s holdings in 3M were worth $1,166,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MMM. Gilbert & Cook Inc. bought a new stake in 3M in the fourth quarter worth about $481,000. Aveo Capital Partners LLC acquired a new stake in 3M during the fourth quarter valued at approximately $219,000. Corient Private Wealth LLC boosted its holdings in 3M by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 285,982 shares of the conglomerate’s stock worth $31,264,000 after buying an additional 12,448 shares in the last quarter. CreativeOne Wealth LLC grew its position in 3M by 44.3% in the fourth quarter. CreativeOne Wealth LLC now owns 4,977 shares of the conglomerate’s stock worth $544,000 after buying an additional 1,527 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC bought a new position in shares of 3M in the fourth quarter valued at $208,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

NYSE MMM opened at $133.84 on Friday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32. The stock’s 50-day moving average is $124.02 and its two-hundred day moving average is $107.50. The firm has a market cap of $74.06 billion, a P/E ratio of -10.52, a price-to-earnings-growth 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 (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the previous year, the company earned $2.17 EPS. On average, analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently declared 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is -22.01%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Barclays boosted their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research report on Thursday, June 13th. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Morgan Stanley assumed coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $124.43.

Insider Buying and Selling

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

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.