FSB Premier Wealth Management Inc. Reduces Position in 3M (NYSE:MMM)

FSB Premier Wealth Management Inc. trimmed its holdings in 3M (NYSE:MMM) by 7.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,046 shares of the conglomerate’s stock after selling 167 shares during the quarter. FSB Premier Wealth Management Inc.’s holdings in 3M were worth $209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of 3M during the fourth quarter valued at $502,585,000. Balyasny Asset Management L.P. boosted its position in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares during the period. Capital World Investors purchased a new stake in 3M in the 1st quarter valued at about $165,986,000. National Bank of Canada FI grew its stake in 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the period. 65.25% of the stock is owned by institutional investors.

3M Trading Up 1.0 %

NYSE:MMM opened at $132.11 on Thursday. The stock has a market capitalization of $73.10 billion, a price-to-earnings ratio of -10.39, a PEG ratio of 2.49 and a beta of 0.95. 3M has a 52 week low of $71.12 and a 52 week high of $134.99. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The firm has a 50 day moving average of $117.39 and a 200 day moving average of $104.55.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to the consensus estimate 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 firm posted $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.2 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research reports. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a report on Thursday, June 13th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Barclays upped their price objective on shares of 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.38.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman now directly 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 accessible through the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now 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 SEC, which can be accessed through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was 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 directly owns 4,364 shares of the company’s stock, valued at approximately $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.