Investment Advisory Group LLC Acquires Shares of 1,701 3M (NYSE:MMM)

Investment Advisory Group LLC acquired a new stake in 3M (NYSE:MMM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,701 shares of the conglomerate’s stock, valued at approximately $233,000.

A number of other large investors have also recently made changes to their positions in MMM. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new position in shares of 3M in the second quarter valued at $28,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

3M Stock Performance

Shares of NYSE MMM traded down $0.01 during midday trading on Tuesday, hitting $135.75. The company’s stock had a trading volume of 2,465,804 shares, compared to its average volume of 4,931,555. The stock has a fifty day moving average price of $131.75 and a 200 day moving average price of $111.76. 3M has a one year low of $71.12 and a one year high of $140.72. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The firm has a market capitalization of $75.12 billion, a price-to-earnings ratio of -10.68, a P/E/G ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the firm posted $2.17 earnings per share. On average, research analysts forecast that 3M will post 7.24 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.06%. 3M’s dividend payout ratio is currently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MMM. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Morgan Stanley initiated coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $127.64.

3M 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.