Straight Path Wealth Management Has $441,000 Position in 3M Company (NYSE:MMM)

Straight Path Wealth Management decreased its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 70.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,001 shares of the conglomerate's stock after selling 7,000 shares during the quarter. Straight Path Wealth Management's holdings in 3M were worth $441,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Proficio Capital Partners LLC acquired a new position in 3M during the fourth quarter valued at approximately $26,000. REAP Financial Group LLC grew its holdings in 3M by 88.7% during 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. Hazlett Burt & Watson Inc. acquired a new position in 3M during the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the fourth quarter valued at approximately $28,000. Finally, Curat Global LLC acquired a new position in 3M during the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 1.1%

Shares of MMM stock traded down $1.75 during trading on Friday, reaching $152.23. The company's stock had a trading volume of 3,182,854 shares, compared to its average volume of 3,807,701. The business has a fifty day moving average price of $146.63 and a 200-day moving average price of $143.82. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The company has a market cap of $81.92 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 2.99 and a beta of 1.02. 3M Company has a one year low of $98.26 and a one year high of $156.35.

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

3M Dividend Announcement

The company also recently declared 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 1.92%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insider Buying and Selling at 3M

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Analyst Ratings Changes

MMM has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a report on Friday, June 27th. Royal Bank Of Canada lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company lifted their price target on shares of 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. lifted their price target on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Barclays lifted their price target on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $155.83.

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.