Spire Wealth Management Has $314,000 Stock Position in 3M (NYSE:MMM)

Spire Wealth Management cut its stake in shares of 3M (NYSE:MMM) by 52.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,070 shares of the conglomerate’s stock after selling 3,346 shares during the period. Spire Wealth Management’s holdings in 3M were worth $314,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after purchasing an additional 533,520 shares during the period. Norges Bank acquired a new stake in 3M in the fourth quarter worth $502,585,000. Finally, Balyasny Asset Management L.P. boosted its position in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Trading Up 1.3 %

Shares of 3M stock opened at $134.69 on Tuesday. The stock has a market cap of $74.53 billion, a P/E ratio of -10.59, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The business’s 50 day moving average is $116.20 and its 200-day moving average is $104.07.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the firm posted $2.17 earnings per share. Equities research analysts predict that 3M will post 7.2 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.08%. 3M’s dividend payout ratio is -22.01%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MMM. Barclays raised their price objective on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Royal Bank of Canada raised their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $124.38.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was 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 owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.