MWA Asset Management Buys 827 Shares of 3M (NYSE:MMM)

MWA Asset Management lifted its stake in shares of 3M (NYSE:MMM) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,678 shares of the conglomerate’s stock after purchasing an additional 827 shares during the quarter. 3M accounts for about 1.4% of MWA Asset Management’s holdings, making the stock its 18th largest position. MWA Asset Management’s holdings in 3M were worth $2,011,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Alaska Permanent Fund Corp purchased a new position in shares of 3M in the 4th quarter worth about $446,000. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in 3M by 0.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 41,768 shares of the conglomerate’s stock valued at $4,566,000 after acquiring an additional 164 shares during the period. Truist Financial Corp boosted its holdings in 3M by 12.3% during the 4th quarter. Truist Financial Corp now owns 504,953 shares of the conglomerate’s stock valued at $55,201,000 after acquiring an additional 55,204 shares during the period. Golden State Equity Partners boosted its holdings in 3M by 4.3% during the 4th quarter. Golden State Equity Partners now owns 3,645 shares of the conglomerate’s stock valued at $398,000 after acquiring an additional 151 shares during the period. Finally, Citizens Financial Group Inc. RI boosted its holdings in 3M by 8.3% during the 4th quarter. Citizens Financial Group Inc. RI now owns 13,619 shares of the conglomerate’s stock valued at $1,489,000 after acquiring an additional 1,040 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 0.3 %

Shares of MMM stock traded down $0.45 during mid-day trading on Tuesday, hitting $131.40. The company’s stock had a trading volume of 2,878,299 shares, compared to its average volume of 5,244,834. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $132.62. The stock has a market cap of $72.71 billion, a price-to-earnings ratio of -10.33, a PEG ratio of 2.34 and a beta of 0.95. The business has a 50-day moving average price of $113.06 and a 200 day moving average price of $102.66.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 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 company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. Research analysts predict that 3M will post 7.21 EPS for the current fiscal year.

3M Announces Dividend

The business 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.13%. 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

Several equities research analysts have weighed in on MMM shares. UBS Group increased their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada increased their price objective on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. HSBC raised 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Finally, Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $123.57.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 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 accessible through this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.