3M Company (NYSE:MMM) Shares Purchased by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC increased its stake in 3M Company by 2.8% in Q1, holding 247,344 shares valued at approximately $36.3 million.
• Several large investors boosted their positions in 3M during the fourth quarter, including Northern Trust Corp and Capital World Investors, increasing their stakes by 12.6% and 25.4%, respectively.
• 3M reported a 2.16 EPS for the recent quarter, exceeding expectations, with a 1.4% annual revenue increase and a dividend yield of 2.0%.

NewEdge Wealth LLC grew its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 2.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,344 shares of the conglomerate's stock after acquiring an additional 6,819 shares during the period. NewEdge Wealth LLC's holdings in 3M were worth $36,325,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Northern Trust Corp grew its position in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after acquiring an additional 755,155 shares in the last quarter. Capital World Investors boosted its holdings in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the period. Invesco Ltd. increased its stake in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of 3M by 4.2% during the fourth quarter. Bank of America Corp DE now owns 4,270,238 shares of the conglomerate's stock worth $551,245,000 after purchasing an additional 172,815 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of 3M by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 3,624,933 shares of the conglomerate's stock worth $467,944,000 after buying an additional 193,957 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MMM. Royal Bank Of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup raised their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $158.10.

3M Price Performance

Shares of NYSE MMM opened at $144.38 on Friday. The company has a fifty day moving average price of $149.78 and a 200 day moving average price of $146.71. The firm has a market cap of $76.90 billion, a PE ratio of 20.08, a PEG ratio of 2.79 and a beta of 1.05. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. 3M Company has a 1-year low of $119.31 and a 1-year high of $164.15.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. 3M's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 earnings per share. Research analysts predict that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 2.0%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

3M Company 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.

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