Avantax Planning Partners Inc. Increases Stock Holdings in 3M (NYSE:MMM)

Avantax Planning Partners Inc. raised its stake in 3M (NYSE:MMMGet Rating) by 45.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,020 shares of the conglomerate’s stock after purchasing an additional 9,380 shares during the quarter. Avantax Planning Partners Inc.’s holdings in 3M were worth $4,469,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of 3M in the fourth quarter valued at approximately $596,325,000. Cullen Capital Management LLC purchased a new stake in shares of 3M in the fourth quarter valued at approximately $186,687,000. State Street Corp boosted its stake in shares of 3M by 1.5% in the fourth quarter. State Street Corp now owns 30,979,936 shares of the conglomerate’s stock valued at $5,502,966,000 after buying an additional 450,546 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 3M by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,557,291 shares of the conglomerate’s stock worth $1,875,293,000 after purchasing an additional 361,507 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in 3M by 238.9% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 381,539 shares of the conglomerate’s stock worth $67,773,000 after purchasing an additional 268,951 shares during the last quarter. 67.22% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Down 0.5 %

Shares of NYSE MMM traded down $0.71 on Friday, hitting $147.41. The company had a trading volume of 4,187,422 shares, compared to its average volume of 3,359,350. 3M has a 12-month low of $125.60 and a 12-month high of $202.77. The business has a 50 day moving average of $136.16 and a two-hundred day moving average of $146.39. The company has a quick ratio of 0.90, a current ratio of 1.47 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $83.96 billion, a P/E ratio of 20.59, a PEG ratio of 1.50 and a beta of 0.97.

3M (NYSE:MMMGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.01. The firm had revenue of $8.70 billion during the quarter, compared to the consensus estimate of $8.70 billion. 3M had a return on equity of 39.11% and a net margin of 11.83%. 3M’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.59 earnings per share. As a group, equities research analysts forecast that 3M will post 10.4 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Stockholders of record on Friday, May 20th were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Thursday, May 19th. 3M’s payout ratio is 83.24%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Morgan Stanley lifted their price objective on 3M from $126.00 to $131.00 and gave the stock an “underweight” rating in a report on Wednesday, July 27th. Wells Fargo & Company boosted their price target on 3M from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 27th. Barclays cut their price target on 3M from $143.00 to $137.00 and set an “underweight” rating for the company in a report on Wednesday, July 27th. TheStreet cut 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. Finally, Jefferies Financial Group cut their price target on 3M from $161.00 to $145.00 in a report on Thursday, June 16th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $152.00.

Insider Transactions at 3M

In other news, insider Michael G. Vale sold 36,771 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total transaction of $5,267,813.46. Following the sale, the insider now directly owns 65,321 shares in the company, valued at approximately $9,357,886.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Michael G. Vale sold 36,771 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $143.26, for a total value of $5,267,813.46. Following the completion of the transaction, the insider now directly owns 65,321 shares of the company’s stock, valued at approximately $9,357,886.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zoe L. Dickson sold 2,265 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $144.40, for a total value of $327,066.00. Following the completion of the transaction, the executive vice president now directly owns 893 shares of the company’s stock, valued at $128,949.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,465 shares of company stock worth $5,956,664. 0.34% of the stock is currently owned by company insiders.

About 3M

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3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

See Also

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

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