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. boosted its position in shares of 3M Company (NYSE:MMM - Free Report) by 367.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,489 shares of the conglomerate's stock after buying an additional 4,316 shares during the period. Assetmark Inc.'s holdings in 3M were worth $806,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. REAP Financial Group LLC boosted its stake 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 buying an additional 94 shares during the last quarter. Pinney & Scofield Inc. purchased a new position in shares of 3M in the 4th quarter worth approximately $28,000. Curat Global LLC purchased a new position in shares of 3M in the 1st quarter worth approximately $29,000. Intelligent Financial Strategies purchased a new position in shares of 3M in the 1st quarter worth approximately $42,000. Finally, Greenline Partners LLC purchased a new position in shares of 3M in the 4th quarter worth approximately $50,000. 65.25% of the stock is owned by institutional investors.

Insider Buying and Selling at 3M

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMM shares. Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a report on Friday, July 18th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday. Finally, Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $158.10.

3M Trading Up 1.8%

MMM opened at $149.25 on Friday. The stock's fifty day moving average is $149.85 and its two-hundred day moving average is $146.60. The company has a market capitalization of $79.50 billion, a P/E ratio of 20.76, a PEG ratio of 2.84 and a beta of 1.02. 3M Company has a 52 week low of $119.31 and a 52 week high of $164.15. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping the consensus estimate of $2.01 by $0.15. The company 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 period last year, the business posted $1.93 EPS. Analysts forecast that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company 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 annualized dividend and a yield of 2.0%. 3M's payout ratio is currently 40.61%.

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.

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