NewEdge Wealth LLC Buys 2,011 Shares of 3M (NYSE:MMM)

NewEdge Wealth LLC boosted its stake in 3M (NYSE:MMM) by 49.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,080 shares of the conglomerate’s stock after purchasing an additional 2,011 shares during the period. NewEdge Wealth LLC’s holdings in 3M were worth $665,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Markel Corp grew its position in 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after acquiring an additional 16,550 shares during the last quarter. Axiom Financial Strategies LLC boosted its stake in shares of 3M by 5.3% during the first quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after purchasing an additional 326 shares in the last quarter. Dakota Wealth Management bought a new stake in shares of 3M during the first quarter worth about $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of 3M by 17.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after buying an additional 977 shares during the period. Finally, Covestor Ltd raised its holdings in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after buying an additional 538 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Bank of America reduced their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Wells Fargo & Company decreased their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Citigroup raised their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays reduced their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Finally, Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $103.50.

3M Trading Down 0.3 %

Shares of MMM stock opened at $91.05 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The firm has a 50 day moving average of $95.87 and a 200-day moving average of $97.31.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the company posted $2.28 earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts predict that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.63%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

About 3M

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.