Transcend Wealth Collective LLC Purchases Shares of 9,646 3M Co (NYSE:MMM)

Transcend Wealth Collective LLC purchased a new stake in 3M Co (NYSE:MMM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 9,646 shares of the conglomerate’s stock, valued at approximately $1,702,000.

Other institutional investors also recently added to or reduced their stakes in the company. Convergence Investment Partners LLC lifted its holdings in shares of 3M by 4.4% during the fourth quarter. Convergence Investment Partners LLC now owns 1,414 shares of the conglomerate’s stock worth $249,000 after purchasing an additional 60 shares during the period. Cornell Pochily Investment Advisors Inc. lifted its holdings in shares of 3M by 0.7% during the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 8,595 shares of the conglomerate’s stock worth $1,516,000 after purchasing an additional 61 shares during the period. Successful Portfolios LLC lifted its holdings in shares of 3M by 1.8% during the fourth quarter. Successful Portfolios LLC now owns 3,752 shares of the conglomerate’s stock worth $662,000 after purchasing an additional 65 shares during the period. Mission Wealth Management LP lifted its holdings in shares of 3M by 1.1% during the fourth quarter. Mission Wealth Management LP now owns 6,002 shares of the conglomerate’s stock worth $1,059,000 after purchasing an additional 66 shares during the period. Finally, Whitnell & Co. raised its stake in 3M by 0.7% during the fourth quarter. Whitnell & Co. now owns 9,187 shares of the conglomerate’s stock worth $1,621,000 after buying an additional 68 shares during the last quarter. 68.19% of the stock is currently owned by hedge funds and other institutional investors.

MMM traded up $4.64 during midday trading on Thursday, hitting $136.18. The company had a trading volume of 6,716,413 shares, compared to its average volume of 4,812,421. 3M Co has a 52 week low of $114.04 and a 52 week high of $219.75. The company has a quick ratio of 0.96, a current ratio of 1.41 and a debt-to-equity ratio of 1.79. The company has a market capitalization of $76.32 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 1.55 and a beta of 1.08. The stock’s 50 day moving average price is $149.08 and its 200 day moving average price is $164.25.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 28th. The conglomerate reported $1.95 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.15). The business had revenue of $8.11 billion for the quarter, compared to the consensus estimate of $8.12 billion. 3M had a return on equity of 51.39% and a net margin of 14.22%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.31 earnings per share. Research analysts predict that 3M Co will post 9 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $1.47 per share. The ex-dividend date of this dividend was Thursday, February 13th. This is a boost from 3M’s previous quarterly dividend of $1.44. This represents a $5.88 annualized dividend and a yield of 4.32%. 3M’s payout ratio is 64.62%.

A number of brokerages recently weighed in on MMM. JPMorgan Chase & Co. raised shares of 3M from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $143.00 to $150.00 in a research note on Monday, December 23rd. Wolfe Research raised shares of 3M from an “underperform” rating to a “peer perform” rating in a research note on Thursday, January 9th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $179.00 target price for the company in a research note on Tuesday, December 10th. Deutsche Bank lifted their target price on shares of 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Citigroup lowered their target price on shares of 3M from $180.00 to $176.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average price target of $172.33.

In related news, SVP Ty R. Silberhorn sold 1,967 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $158.19, for a total transaction of $311,159.73. Following the transaction, the senior vice president now directly owns 3,849 shares in the company, valued at $608,873.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael F. Roman sold 8,906 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $162.00, for a total transaction of $1,442,772.00. Following the transaction, the chief executive officer now owns 48,152 shares in the company, valued at $7,800,624. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,123 shares of company stock worth $2,748,744. 0.83% of the stock is owned by corporate insiders.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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