Austin Private Wealth LLC Purchases New Holdings in 3M (NYSE:MMM)

Austin Private Wealth LLC acquired a new position in 3M (NYSE:MMM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,013 shares of the conglomerate’s stock, valued at approximately $220,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Financial Freedom LLC bought a new position in 3M during the 4th quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. bought a new position in shares of 3M during the third quarter valued at $28,000. CGC Financial Services LLC raised its position in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares during the last quarter. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter worth about $35,000. Finally, Authentikos Wealth Advisory LLC purchased a new stake in 3M during the 3rd quarter valued at about $37,000. Institutional investors own 65.25% of the company’s stock.

Insider Activity at 3M

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 shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Performance

MMM traded up $1.46 during trading on Thursday, hitting $106.05. The company’s stock had a trading volume of 4,385,166 shares, compared to its average volume of 5,107,112. The business’s 50 day simple moving average is $96.86 and its 200-day simple moving average is $97.78. The firm has a market cap of $58.61 billion, a PE ratio of -8.40, a P/E/G ratio of 1.45 and a beta of 1.00. 3M has a one year low of $85.35 and a one year high of $113.14. 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 (NYSE:MMM) last announced its 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. The company had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $2.28 EPS. As a group, sell-side analysts predict that 3M will post 9.77 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Analyst Ratings Changes

MMM has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $84.00 target price on shares of 3M in a report on Wednesday, March 20th. StockNews.com started coverage on shares of 3M in a report on Wednesday. They issued a “buy” rating for the company. Barclays upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $111.00 to $126.00 in a research note on Tuesday, March 19th. Citigroup reduced their target price on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. Finally, Wells Fargo & Company lowered their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $107.60.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company 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.