Priebe Wealth Holdings LLC Acquires New Position in 3M (NYSE:MMM)

Priebe Wealth Holdings LLC purchased a new position in shares of 3M (NYSE:MMM) in the 3rd quarter, Holdings Channel reports. The firm purchased 2,208 shares of the conglomerate’s stock, valued at approximately $302,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MMM. Wynn Capital LLC lifted its stake in shares of 3M by 1.4% in the 3rd quarter. Wynn Capital LLC now owns 11,610 shares of the conglomerate’s stock worth $1,587,000 after acquiring an additional 160 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of 3M by 326.7% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,785 shares of the conglomerate’s stock worth $517,000 after buying an additional 2,898 shares in the last quarter. Red Mountain Financial LLC purchased a new stake in shares of 3M during the third quarter worth about $344,000. Freestate Advisors LLC acquired a new stake in shares of 3M in the third quarter worth approximately $561,000. Finally, Strong Tower Advisory Services boosted its position in shares of 3M by 3.6% in the third quarter. Strong Tower Advisory Services now owns 44,695 shares of the conglomerate’s stock worth $6,110,000 after acquiring an additional 1,552 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MMM shares. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup boosted their target price 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. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Finally, Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $127.64.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on 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 directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, 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 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 approximately $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’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 completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Trading Up 1.0 %

NYSE:MMM opened at $134.75 on Friday. The stock’s 50 day moving average price is $131.53 and its 200 day moving average price is $111.44. 3M has a 52 week low of $71.12 and a 52 week high of $140.72. The company has a market capitalization of $74.57 billion, a P/E ratio of -10.59, a P/E/G ratio of 2.49 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 (NYSE:MMM) last announced its 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 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 quarter in the prior year, the business earned $2.17 earnings per share. On average, research analysts forecast that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. 3M’s payout ratio is currently -22.01%.

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.