Summit Wealth Partners LLC Purchases Shares of 1,976 3M (NYSE:MMM)

Summit Wealth Partners LLC bought a new stake in shares of 3M (NYSE:MMM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,976 shares of the conglomerate’s stock, valued at approximately $202,000.

A number of other large investors also recently added to or reduced their stakes in the business. Tributary Capital Management LLC purchased a new position in shares of 3M during the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. raised its holdings in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC purchased a new stake in 3M during the 2nd quarter valued at $28,000. Meeder Asset Management Inc. boosted its stake in 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after buying an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in 3M during the first quarter valued at $32,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, 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 transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated 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 owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

3M Stock Performance

Shares of 3M stock opened at $137.06 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The stock’s fifty day moving average price is $129.26 and its 200-day moving average price is $109.91. The firm has a market cap of $75.84 billion, a P/E ratio of -10.78, a P/E/G ratio of 2.51 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the business posted $2.17 EPS. On average, equities research analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.04%. 3M’s dividend payout ratio (DPR) is -22.01%.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of recent analyst reports. StockNews.com cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays boosted their target price on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Wells Fargo & Company boosted 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. Finally, Royal Bank of Canada increased their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $124.43.

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.