Wealth Enhancement Advisory Services LLC Buys 58,707 Shares of 3M (NYSE:MMM)

Wealth Enhancement Advisory Services LLC grew its position in 3M (NYSE:MMM - Free Report) by 27.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 270,685 shares of the conglomerate's stock after purchasing an additional 58,707 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in 3M were worth $34,943,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Life Planners acquired a new position in 3M during the 4th quarter worth about $25,000. REAP Financial Group LLC lifted its position in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new position in 3M during the 4th quarter worth about $27,000. Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter worth about $28,000. Finally, Meeder Asset Management Inc. lifted its position in 3M by 230.1% during the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock worth $40,000 after buying an additional 214 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Down 1.0%

NYSE MMM traded down $1.43 during trading hours on Friday, reaching $148.20. 5,339,771 shares of the company's stock were exchanged, compared to its average volume of 3,893,398. The company's 50-day moving average is $141.33 and its two-hundred day moving average is $140.69. 3M has a one year low of $97.68 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $79.76 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insider Transactions at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction on 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 transaction, the executive vice president now owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

MMM has been the subject of several recent research reports. Royal Bank of Canada boosted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Barclays boosted their price objective on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, 3M presently has an average rating of "Moderate Buy" and a consensus price target of $153.46.

3M 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.