Focused Wealth Management Inc Sells 76 Shares of 3M Company (NYSE:MMM)

by · The Markets Daily

Focused Wealth Management Inc trimmed its position in shares of 3M Company (NYSE:MMM – Free Report) by 0.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,313 shares of the conglomerate’s stock after selling 76 shares during the quarter. Focused Wealth Management Inc’s holdings in 3M were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. LaSalle St. Investment Advisors LLC lifted its holdings in shares of 3M by 2.5% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after buying an additional 71 shares during the period. TCV Trust & Wealth Management Inc. raised its holdings in 3M by 1.1% in the 1st quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate’s stock worth $954,000 after purchasing an additional 73 shares during the period. NBT Bank N A NY raised its holdings in 3M by 0.8% in the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate’s stock worth $1,431,000 after purchasing an additional 79 shares during the period. Rehmann Capital Advisory Group raised its holdings in 3M by 2.6% in the 1st quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate’s stock worth $481,000 after purchasing an additional 82 shares during the period. Finally, Cherry Creek Investment Advisors Inc. raised its holdings in 3M by 0.8% in the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 10,775 shares of the conglomerate’s stock worth $1,582,000 after purchasing an additional 83 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Stock Down 1.0%

MMM opened at $155.73 on Friday. The firm has a 50-day simple moving average of $148.22 and a two-hundred day simple moving average of $144.49. 3M Company has a 52 week low of $100.87 and a 52 week high of $159.47. The company has a market capitalization of $83.81 billion, a PE ratio of 19.66, a price-to-earnings-growth 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 released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.88%. 3M’s payout ratio is 36.87%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Wells Fargo & Company increased their price target on 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Friday, June 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.33.

Get Our Latest Research Report on MMM

Insider Transactions at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction dated Thursday, May 15th. The shares were 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 of the company’s stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

About 3M

(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.

See Also

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