Evanson Asset Management LLC Takes Position in 3M (NYSE:MMM)

Evanson Asset Management LLC acquired a new position in shares of 3M (NYSE:MMM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,570 shares of the conglomerate’s stock, valued at approximately $215,000.

A number of other large investors have also recently bought and sold shares of MMM. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in 3M by 419.1% in the first 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 during the last quarter. MFA Wealth Advisors LLC bought a new position in shares of 3M during the second quarter worth about $28,000. Meeder Asset Management Inc. grew its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of 3M in the 1st quarter worth about $32,000. Institutional investors own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

MMM has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. 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 report on Thursday, June 13th. Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 target price on the stock. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus price target of $127.64.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were 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 owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s 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 sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the 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 completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Stock Performance

NYSE:MMM opened at $134.69 on Wednesday. The company has a 50-day moving average of $130.89 and a 200-day moving average of $110.71. The firm has a market cap of $74.53 billion, a price-to-earnings ratio of -10.59, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a twelve month low of $71.12 and a twelve month high of $140.72.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the business earned $2.17 earnings per share. Analysts forecast that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 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.