NEOS Investment Management LLC Buys 7,463 Shares of 3M (NYSE:MMM)

NEOS Investment Management LLC lifted its stake in shares of 3M (NYSE:MMM) by 30.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,618 shares of the conglomerate’s stock after purchasing an additional 7,463 shares during the quarter. NEOS Investment Management LLC’s holdings in 3M were worth $4,082,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Financial Life Planners bought a new stake in shares of 3M during the fourth quarter worth $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the fourth quarter valued at about $26,000. FSA Wealth Management LLC bought a new position in shares of 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC grew its holdings in shares of 3M by 9.0% in the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 19,552 shares in the last quarter. Finally, ORG Partners LLC lifted its holdings in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

3M stock opened at $148.48 on Friday. The business has a 50-day simple moving average of $149.52 and a 200 day simple moving average of $138.06. 3M has a 52 week low of $87.45 and a 52 week high of $156.35. The stock has a market cap of $80.61 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the business earned $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.97%. 3M’s payout ratio is 38.68%.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last 90 days. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MMM. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

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.