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.
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.
Recommended Story: Why do companies issue convertible shares?
Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.