3M (NYSE:MMM) Shares Sold by Focus Financial Network Inc.

Focus Financial Network Inc. lowered its holdings in shares of 3M (NYSE:MMM) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,703 shares of the conglomerate’s stock after selling 1,085 shares during the period. Focus Financial Network Inc.’s holdings in 3M were worth $8,435,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Summit Wealth Partners LLC raised its position in 3M by 57.6% during the third quarter. Summit Wealth Partners LLC now owns 3,115 shares of the conglomerate’s stock worth $426,000 after acquiring an additional 1,139 shares during the last quarter. LCM Capital Management Inc purchased a new stake in shares of 3M during the third quarter worth about $246,000. Palumbo Wealth Management LLC purchased a new stake in shares of 3M during the third quarter worth about $266,000. Catalyst Financial Partners LLC purchased a new stake in shares of 3M during the third quarter worth about $250,000. Finally, Financial Advocates Investment Management grew its holdings in shares of 3M by 33.6% during the third quarter. Financial Advocates Investment Management now owns 5,645 shares of the conglomerate’s stock worth $772,000 after buying an additional 1,421 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 0.7 %

Shares of MMM stock opened at $128.46 on Friday. The stock has a market cap of $69.95 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 2.06 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a fifty-two week low of $74.51 and a fifty-two week high of $141.34. The firm’s 50 day moving average price is $133.06 and its two-hundred day moving average price is $114.90.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company posted $2.68 earnings per share. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, analysts anticipate that 3M will post 7.28 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given 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 dividend yield of 2.18%. 3M’s payout ratio is currently 35.35%.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 $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. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company lifted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Citigroup lifted their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $139.27.

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.