3M (NYSE:MMM) Shares Bought by Mitchell & Pahl Private Wealth LLC

Mitchell & Pahl Private Wealth LLC lifted its stake in shares of 3M (NYSE:MMM) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,891 shares of the conglomerate’s stock after buying an additional 224 shares during the quarter. 3M comprises about 1.3% of Mitchell & Pahl Private Wealth LLC’s holdings, making the stock its 17th biggest holding. Mitchell & Pahl Private Wealth LLC’s holdings in 3M were worth $2,856,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of MMM. Quad Cities Investment Group LLC purchased a new position in shares of 3M during the third quarter worth about $224,000. Summit Financial Strategies Inc. purchased a new stake in 3M in the third quarter valued at approximately $212,000. Mezzasalma Advisors LLC acquired a new stake in shares of 3M in the third quarter valued at approximately $228,000. Hengehold Capital Management LLC purchased a new position in shares of 3M during the third quarter worth approximately $228,000. Finally, Cornerstone Wealth Management LLC increased its holdings in shares of 3M by 12.0% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 10,606 shares of the conglomerate’s stock valued at $1,450,000 after acquiring an additional 1,139 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Royal Bank of Canada boosted their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Wells Fargo & Company upped their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $130.57.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was 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 owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % 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 Price Performance

Shares of NYSE:MMM traded down $0.92 during midday trading on Thursday, hitting $135.43. 548,970 shares of the stock were exchanged, compared to its average volume of 4,895,272. 3M has a twelve month low of $71.12 and a twelve month 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 company has a 50 day moving average price of $132.24 and a 200-day moving average price of $112.14. The stock has a market cap of $74.94 billion, a P/E ratio of -10.72, a PEG ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced 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 the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm earned $2.17 earnings per share. On average, research analysts forecast that 3M will post 7.24 earnings per share for the current year.

3M Dividend Announcement

The business 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is currently -22.01%.

About 3M

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.