NewEdge Advisors LLC Purchases 8,220 Shares of 3M (NYSE:MMM)

NewEdge Advisors LLC boosted its position in shares of 3M (NYSE:MMM) by 15.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 62,500 shares of the conglomerate’s stock after buying an additional 8,220 shares during the period. NewEdge Advisors LLC’s holdings in 3M were worth $6,387,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of MMM. Tributary Capital Management LLC purchased a new stake in shares of 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted its holdings in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new stake in 3M during the second quarter worth $28,000. Northwest Investment Counselors LLC bought a new stake in 3M during the 1st quarter valued at $32,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of 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 acquiring an additional 269 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Price Performance

NYSE MMM opened at $137.06 on Wednesday. The stock’s fifty day moving average price is $129.26 and its 200 day moving average price is $109.91. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company has a market cap of $75.84 billion, a price-to-earnings ratio of -10.78, a PEG ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data 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. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the business posted $2.17 earnings per share. As a group, equities research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid 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 2.04%. 3M’s payout ratio is currently -22.01%.

Insider Transactions at 3M

In other 3M news, 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 value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s 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 completion of the transaction, 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 SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was 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 in the company, valued at $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 target price for the company. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $124.43.

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.