Strategic Financial Concepts LLC Buys 1,625 Shares of 3M (NYSE:MMM)

Strategic Financial Concepts LLC raised its stake in 3M (NYSE:MMM) by 63.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,172 shares of the conglomerate’s stock after buying an additional 1,625 shares during the period. Strategic Financial Concepts LLC’s holdings in 3M were worth $442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. PFG Investments LLC grew its position in shares of 3M by 198.7% during the 1st quarter. PFG Investments LLC now owns 18,573 shares of the conglomerate’s stock worth $1,970,000 after buying an additional 12,355 shares in the last quarter. Raymond James & Associates grew its holdings in 3M by 0.8% during the 1st quarter. Raymond James & Associates now owns 741,292 shares of the conglomerate’s stock worth $78,629,000 after acquiring an additional 5,673 shares in the last quarter. Aurora Private Wealth Inc. purchased a new position in 3M during the 1st quarter valued at about $270,000. KWB Wealth bought a new stake in shares of 3M in the 1st quarter valued at about $281,000. Finally, Uncommon Cents Investing LLC lifted its position in shares of 3M by 26.8% in the 1st quarter. Uncommon Cents Investing LLC now owns 24,834 shares of the conglomerate’s stock worth $2,634,000 after purchasing an additional 5,250 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

3M Stock Up 4.7 %

Shares of MMM stock traded up $4.35 during trading hours on Tuesday, reaching $96.51. 16,669,664 shares of the company’s stock were exchanged, compared to its average volume of 5,851,908. The stock has a market cap of $53.40 billion, a PE ratio of -7.64, a PEG ratio of 1.74 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock’s fifty day moving average price is $95.82 and its two-hundred day moving average price is $97.54. 3M has a 1 year low of $71.12 and a 1 year high of $97.84.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.26%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

Analyst Ratings Changes

Several equities analysts recently issued reports on MMM shares. Wells Fargo & Company cut their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. reduced their price target on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Citigroup lifted their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada reduced their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.00.

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.