3M Company (NYSE:MMM) Shares Sold by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC trimmed its position in 3M Company (NYSE:MMM - Free Report) by 33.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,046 shares of the conglomerate's stock after selling 16,966 shares during the quarter. 3M makes up approximately 1.2% of Canvas Wealth Advisors LLC's holdings, making the stock its 22nd largest position. Canvas Wealth Advisors LLC's holdings in 3M were worth $4,641,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares during the period. Curat Global LLC acquired a new position in shares of 3M during the first quarter valued at approximately $29,000. Hazlett Burt & Watson Inc. bought a new stake in 3M during the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the fourth quarter worth about $28,000. Finally, Intelligent Financial Strategies bought a new stake in 3M in the first quarter worth about $42,000. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Bank of America boosted their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Wednesday, June 11th. Barclays lifted their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Royal Bank Of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $155.83.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the firm'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 completion of the sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

3M Price Performance

Shares of 3M stock opened at $150.89 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The firm has a fifty day simple moving average of $144.39 and a 200-day simple moving average of $142.61. The stock has a market capitalization of $81.21 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 3.07 and a beta of 1.03. 3M Company has a 1-year low of $98.26 and a 1-year high of $156.35.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. On average, sell-side analysts expect that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M's dividend payout ratio is presently 36.87%.

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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