Redwood Wealth Management Group LLC Acquires Shares of 565 3M (NYSE:MMM)

Redwood Wealth Management Group LLC bought a new position in 3M (NYSE:MMM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 565 shares of the conglomerate’s stock, valued at approximately $58,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Candriam S.C.A. boosted its holdings in 3M by 19.2% in the 2nd quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after purchasing an additional 6,185 shares in the last quarter. Ausdal Financial Partners Inc. boosted its stake in shares of 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after buying an additional 249 shares in the last quarter. Jade Capital Advisors LLC acquired a new position in 3M during the fourth quarter worth $4,373,000. Scarborough Advisors LLC purchased a new position in 3M in the fourth quarter worth $978,000. Finally, KMG Fiduciary Partners LLC lifted its holdings in 3M by 2.2% in the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.9 %

Shares of NYSE MMM opened at $133.18 on Monday. The firm has a market cap of $73.16 billion, a P/E ratio of -10.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. 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 1 year low of $71.12 and a 1 year high of $134.99. The firm’s 50 day moving average price is $121.42 and its 200 day moving average price is $106.54.

3M (NYSE:MMM) last posted 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. The business had revenue of $6.26 billion for 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 quarter last year, the firm earned $2.17 earnings per share. As a group, sell-side analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 value of $260,652.00. Following the completion of 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 legal filing with the SEC, which is available through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred 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 sale, 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.

Analysts Set New Price Targets

Several brokerages recently commented on MMM. Citigroup raised 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. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company boosted their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Barclays raised their price objective on 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, Bank of America boosted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two equities 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. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus price target of $124.43.

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.