3M Company $MMM Shares Acquired by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management increased its 3M stake by 173.1% in the third quarter, owning 11,138 shares valued at approximately $1.83 million. Institutional investors collectively own 65.25% of 3M’s stock.
• Analyst sentiment remains mixed: JPMorgan raised its price target to $191 and several firms maintained Buy ratings, but the consensus rating is Hold with an average target price of $185.36.
• 3M reported quarterly EPS of $2.50, beating estimates of $2.38, while revenue reached $6.60 billion and increased 1.5% year over year. The company also declared a quarterly dividend of $0.78 per share, representing a 1.8% yield.

Axxcess Wealth Management LLC increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 173.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,138 shares of the conglomerate's stock after purchasing an additional 7,059 shares during the quarter. Axxcess Wealth Management LLC's holdings in 3M were worth $1,828,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of MMM. Amundi grew its stake in shares of 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate's stock worth $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. Ascentis Wealth Management LLC grew its holdings in 3M by 22,972.5% during the second quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate's stock worth $56,259,000 after acquiring an additional 345,966 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of 3M by 7.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate's stock valued at $637,202,000 after purchasing an additional 270,458 shares during the period. Nykredit A S purchased a new stake in shares of 3M during the 2nd quarter worth approximately $21,453,000. Finally, Engineers Gate Manager LP boosted its position in 3M by 74.0% during the second quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate's stock worth $46,574,000 after purchasing an additional 122,368 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMM. JPMorgan Chase & Co. lifted their price objective on 3M from $185.00 to $191.00 and gave the stock an "overweight" rating in a research report on Wednesday. UBS Group reaffirmed a "buy" rating on shares of 3M in a report on Wednesday. The Goldman Sachs Group restated a "buy" rating on shares of 3M in a research report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of 3M in a research report on Wednesday. Finally, Royal Bank Of Canada raised their price objective on shares of 3M from $132.00 to $135.00 and gave the stock an "underperform" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, 3M presently has a consensus rating of "Hold" and a consensus target price of $185.36.

Insider Transactions at 3M

In other 3M news, insider Karin Chavez sold 3,635 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total value of $663,423.85. Following the transaction, the insider owned 14,035 shares of the company's stock, valued at approximately $2,561,527.85. The trade was a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company's stock.

3M Stock Down 1.1%

Shares of MMM stock opened at $173.62 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The stock has a 50 day moving average of $168.84 and a 200-day moving average of $162.21. 3M Company has a 12 month low of $139.34 and a 12 month high of $184.90. The firm has a market cap of $89.72 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 2.29 and a beta of 0.99.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.12. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The company's quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.19 earnings per share. On average, equities analysts predict that 3M Company will post 9.14 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Monday, August 24th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, August 24th. 3M's dividend payout ratio (DPR) is currently 46.50%.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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