Bleakley Financial Group LLC Has $1.71 Million Stock Holdings in 3M (NYSE:MMM)

Bleakley Financial Group LLC decreased its stake in shares of 3M (NYSE:MMM) by 35.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,501 shares of the conglomerate’s stock after selling 6,722 shares during the quarter. Bleakley Financial Group LLC’s holdings in 3M were worth $1,709,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tributary Capital Management LLC bought a new position in shares of 3M during the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in 3M during the second quarter worth about $28,000. Daymark Wealth Partners LLC grew its stake in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after buying an additional 17,211 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. Institutional investors own 65.25% of the company’s stock.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on 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 owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of 3M 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 owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Stock Performance

NYSE MMM opened at $135.14 on Friday. The company has a market capitalization of $74.78 billion, a price-to-earnings ratio of -10.62, a PEG 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 twelve month low of $71.12 and a twelve month high of $140.72. The stock has a fifty day simple moving average of $132.67 and a 200 day simple moving average of $112.73.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the firm posted $2.17 earnings per share. Sell-side analysts expect that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. 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 2.07%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada lifted their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Wells Fargo & Company increased their target price 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. Barclays lifted their price target on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Finally, Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $130.57.

3M Company 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.