Assetmark Inc. Purchases 4,316 Shares of 3M Company (NYSE:MMM)

Key Points

• Assetmark Inc. significantly increased its position in 3M Company by 367.9% in Q1, now holding a total of 5,489 shares valued at approximately $806,000.
• Insider transactions showed notable sell-offs, including Zoe L. Dickson and John Patrick Banovetz, who sold 7,915 and 7,759 shares, respectively, indicating a reduction in their ownership stakes.
• 3M reported a quarterly earnings per share of $2.16, surpassing estimates, with a revenue of $6.16 billion, reflecting a 1.4% year-over-year growth.

Assetmark Inc. increased its stake in shares of 3M Company (NYSE:MMM - Free Report) by 367.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,489 shares of the conglomerate's stock after acquiring an additional 4,316 shares during the period. Assetmark Inc.'s holdings in 3M were worth $806,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Curat Global LLC bought a new position in shares of 3M during the first quarter worth approximately $29,000. Pinney & Scofield Inc. bought a new position in shares of 3M during the fourth quarter worth approximately $28,000. Intelligent Financial Strategies bought a new position in shares of 3M during the first quarter worth approximately $42,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of 3M during the first quarter worth approximately $52,000. Institutional investors own 65.25% of the company's stock.

3M Trading Up 1.4%

Shares of NYSE:MMM traded up $2.07 during midday trading on Tuesday, reaching $149.94. The company's stock had a trading volume of 2,259,902 shares, compared to its average volume of 3,893,875. The firm has a market capitalization of $79.86 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 2.79 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. The firm has a 50 day moving average price of $149.78 and a two-hundred day moving average price of $146.81. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data 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. 3M had a return on equity of 96.48% and a net margin of 16.01%. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the business earned $1.93 EPS. The firm's revenue was up 1.4% compared to the same quarter last year. As a group, analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. 3M's dividend payout ratio is currently 40.61%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MMM shares. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Citigroup raised their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada raised their price objective 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, two have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, 3M has a consensus rating of "Hold" and an average price target of $158.10.

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.