3M (NYSE:MMM) Shares Sold by 9258 Wealth Management LLC

9258 Wealth Management LLC decreased its position in shares of 3M (NYSE:MMM) by 30.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,489 shares of the conglomerate’s stock after selling 1,066 shares during the period. 9258 Wealth Management LLC’s holdings in 3M were worth $254,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MMM. SouthState Corp boosted its stake in shares of 3M by 2.1% in the second quarter. SouthState Corp now owns 6,022 shares of the conglomerate’s stock valued at $615,000 after purchasing an additional 125 shares during the period. First Dallas Securities Inc. boosted its position in 3M by 15.6% in the 2nd quarter. First Dallas Securities Inc. now owns 8,721 shares of the conglomerate’s stock valued at $891,000 after buying an additional 1,177 shares during the period. Deseret Mutual Benefit Administrators grew its stake in shares of 3M by 21.9% in the second quarter. Deseret Mutual Benefit Administrators now owns 8,840 shares of the conglomerate’s stock worth $903,000 after acquiring an additional 1,590 shares in the last quarter. TD Asset Management Inc increased its position in shares of 3M by 2.0% during the second quarter. TD Asset Management Inc now owns 267,935 shares of the conglomerate’s stock worth $27,380,000 after acquiring an additional 5,349 shares during the period. Finally, Belpointe Asset Management LLC raised its stake in shares of 3M by 28.8% in the second quarter. Belpointe Asset Management LLC now owns 11,607 shares of the conglomerate’s stock valued at $1,186,000 after acquiring an additional 2,598 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $131.40 on Friday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The firm has a market capitalization of $72.71 billion, a P/E ratio of -10.33, a P/E/G ratio of 2.49 and a beta of 0.95. The company’s fifty day moving average price is $117.95 and its 200 day moving average price is $104.73.

3M (NYSE:MMM) last posted its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the firm earned $2.17 earnings per share. As a group, sell-side analysts predict that 3M will post 7.2 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MMM. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Tuesday, July 30th. Royal Bank of Canada upped their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Barclays lifted their price objective on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average price target of $124.38.

3M Company Profile

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.