Leverty Financial Group LLC Decreases Stake in 3M (NYSE:MMM)

Leverty Financial Group LLC cut its stake in shares of 3M (NYSE:MMM) by 13.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,499 shares of the conglomerate’s stock after selling 2,615 shares during the period. 3M comprises approximately 1.3% of Leverty Financial Group LLC’s investment portfolio, making the stock its 9th biggest position. Leverty Financial Group LLC’s holdings in 3M were worth $2,392,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of MMM. Tributary Capital Management LLC acquired a new stake in 3M during the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of 3M during the 2nd quarter worth approximately $28,000. Daymark Wealth Partners LLC grew its holdings in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares during the period. Finally, Meeder Asset Management Inc. increased its position in 3M by 689.7% in the 2nd 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. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $135.75 on Friday. The business has a fifty day simple moving average of $132.45 and a two-hundred day simple moving average of $112.30. The firm has a market capitalization of $75.12 billion, a P/E ratio of -10.67, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 12 month low of $71.12 and a 12 month high of $140.72.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping 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 business 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, equities analysts forecast that 3M will post 7.24 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on MMM. Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank of Canada increased their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Barclays upped their price objective on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Bank of America upped their price objective on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $130.57.

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.