3M (NYSE:MMM) Shares Sold by Great Waters Wealth Management

Great Waters Wealth Management reduced its holdings in 3M (NYSE:MMM) by 6.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,680 shares of the conglomerate’s stock after selling 1,689 shares during the quarter. 3M comprises 0.5% of Great Waters Wealth Management’s investment portfolio, making the stock its 17th biggest holding. Great Waters Wealth Management’s holdings in 3M were worth $3,374,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Tributary Capital Management LLC acquired a new position in 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. raised its holdings in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. MFA Wealth Advisors LLC acquired a new position in 3M during the second quarter worth $28,000. Meeder Asset Management Inc. raised its holdings in 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 purchasing an additional 269 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter worth $32,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Up 0.4 %

MMM stock traded up $0.49 during trading on Friday, reaching $135.27. 2,387,396 shares of the stock traded hands, compared to its average volume of 5,014,242. The business’s 50 day moving average price is $130.70 and its 200-day moving average price is $110.47. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a market capitalization of $74.85 billion, a PE ratio of -10.63, a P/E/G ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.85 billion. During the same quarter in the previous year, the business earned $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Insiders Place Their Bets

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the business’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 owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents 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.

Analyst Ratings Changes

Several equities analysts have weighed in on MMM shares. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Bank of America raised their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. 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 research report on Monday, July 29th. Wells Fargo & Company raised their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Two investment 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $125.50.

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.