Ritholtz Wealth Management Boosts Stock Position in 3M (NYSE:MMM)

Ritholtz Wealth Management raised its stake in shares of 3M (NYSE:MMM) by 57.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,628 shares of the conglomerate’s stock after buying an additional 2,768 shares during the quarter. Ritholtz Wealth Management’s holdings in 3M were worth $1,043,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MMM. EP Wealth Advisors LLC grew its holdings in shares of 3M by 6.6% during the fourth quarter. EP Wealth Advisors LLC now owns 11,391 shares of the conglomerate’s stock valued at $1,245,000 after buying an additional 702 shares during the last quarter. Scarborough Advisors LLC bought a new stake in shares of 3M in the 4th quarter worth $68,000. Leo Wealth LLC purchased a new position in shares of 3M in the fourth quarter worth $350,000. Newbridge Financial Services Group Inc. bought a new position in shares of 3M during the fourth quarter valued at $225,000. Finally, CWM LLC boosted its position in shares of 3M by 22.2% during the first quarter. CWM LLC now owns 35,789 shares of the conglomerate’s stock valued at $3,796,000 after buying an additional 6,513 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’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 transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $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 accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on 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 directly owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MMM. Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Bank of America increased their price target on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $127.64.

3M Price Performance

3M stock opened at $135.85 on Tuesday. 3M has a 52-week low of $71.12 and a 52-week high of $140.72. The company has a market cap of $75.17 billion, a price-to-earnings ratio of -10.68, a PEG ratio of 2.49 and a beta of 0.95. The firm’s fifty day moving average is $131.75 and its 200 day moving average is $111.76. 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 (NYSE:MMM) last posted its quarterly earnings data 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 return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company earned $2.17 EPS. Sell-side analysts forecast that 3M will post 7.24 EPS for the current fiscal 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 issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.06%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

3M Profile

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.