Evoke Wealth LLC Decreases Position in 3M (NYSE:MMM)

Evoke Wealth LLC lessened its position in shares of 3M (NYSE:MMM) by 27.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,128 shares of the conglomerate’s stock after selling 3,066 shares during the quarter. 3M makes up about 1.0% of Evoke Wealth LLC’s holdings, making the stock its 19th largest position. Evoke Wealth LLC’s holdings in 3M were worth $831,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. Gabelli Funds LLC lifted its stake in 3M by 14.6% in the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock valued at $261,000 after buying an additional 325 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of 3M in the second quarter valued at $387,000. Holderness Investments Co. boosted its stake in shares of 3M by 7.8% during the second quarter. Holderness Investments Co. now owns 6,263 shares of the conglomerate’s stock valued at $640,000 after acquiring an additional 455 shares during the last quarter. Symmetry Investments LP purchased a new stake in 3M during the 2nd quarter worth about $2,953,000. Finally, Ensign Peak Advisors Inc raised its stake in 3M by 169.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 335,895 shares of the conglomerate’s stock valued at $34,325,000 after purchasing an additional 211,128 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MMM has been the topic of several analyst reports. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays raised their target price on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, 3M 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 dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction 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 approximately $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 NYSE:MMM opened at $134.77 on Friday. The business has a 50-day moving average of $124.63 and a two-hundred day moving average of $107.91. The firm has a market capitalization of $74.58 billion, a PE ratio of -10.60, a P/E/G 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 12 month low of $71.12 and a 12 month high of $135.32.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.08%. 3M’s payout ratio is -22.01%.

3M 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.