Kingsview Wealth Management LLC Grows Stake in 3M Company (NYSE:MMM)

by · The Markets Daily

Kingsview Wealth Management LLC raised its stake in 3M Company (NYSE:MMM – Free Report) by 0.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,277 shares of the conglomerate’s stock after acquiring an additional 96 shares during the period. Kingsview Wealth Management LLC’s holdings in 3M were worth $4,887,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. REAP Financial Group LLC lifted its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the 4th quarter valued at $27,000. Pinney & Scofield Inc. acquired a new position in shares of 3M during the 4th quarter worth about $28,000. Curat Global LLC acquired a new position in 3M in the 1st quarter valued at about $29,000. Finally, Meeder Asset Management Inc. grew its position in shares of 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 214 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 1.0%

NYSE:MMM opened at $159.21 on Friday. The stock’s fifty day simple moving average is $149.68 and its 200-day simple moving average is $145.26. 3M Company has a 12-month low of $101.77 and a 12-month high of $165.14. The firm has a market capitalization of $85.68 billion, a P/E ratio of 20.10, a P/E/G ratio of 3.07 and a beta of 1.02. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM – Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.19% and a net margin of 17.79%. During the same period in the previous year, the business posted $1.93 earnings per share. Equities research analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.83%. 3M’s dividend payout ratio (DPR) is currently 36.87%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Royal Bank Of Canada raised their price target on shares of 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, April 23rd. Citigroup lifted their price objective on shares of 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, May 30th. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research note on Friday. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, July 12th. Finally, Barclays set a $170.00 price objective on shares of 3M in a report on Friday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $156.33.

Get Our Latest Research Report on MMM

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president directly owned 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

3M Company Profile

(Free Report)

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.

Further Reading

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