Axxcess Wealth Management LLC Buys 1,859 Shares of 3M Company (NYSE:MMM)

Axxcess Wealth Management LLC lifted its stake in 3M Company (NYSE:MMM - Free Report) by 55.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,217 shares of the conglomerate's stock after purchasing an additional 1,859 shares during the period. Axxcess Wealth Management LLC's holdings in 3M were worth $766,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Rehmann Capital Advisory Group grew its holdings in shares of 3M by 2.6% in the first quarter. Rehmann Capital Advisory Group now owns 3,272 shares of the conglomerate's stock worth $481,000 after purchasing an additional 82 shares during the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of 3M by 1.5% in the first quarter. Linden Thomas Advisory Services LLC now owns 11,052 shares of the conglomerate's stock worth $1,623,000 after purchasing an additional 161 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of 3M by 16.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 429,471 shares of the conglomerate's stock worth $61,397,000 after purchasing an additional 60,340 shares during the last quarter. OMNI 360 Wealth Inc. bought a new position in 3M during the 1st quarter worth about $239,000. Finally, Personal CFO Solutions LLC grew its holdings in 3M by 3.1% during the 1st quarter. Personal CFO Solutions LLC now owns 2,935 shares of the conglomerate's stock worth $431,000 after acquiring an additional 88 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

3M Stock Down 1.0%

NYSE:MMM opened at $155.73 on Friday. 3M Company has a fifty-two week low of $100.87 and a fifty-two week high of $159.47. The stock has a market capitalization of $83.81 billion, a P/E ratio of 19.66, a P/E/G ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The company's 50-day simple moving average is $148.22 and its 200-day simple moving average is $144.49.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share 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 net margin of 17.79% and a return on equity of 96.19%. On average, equities analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MMM shares. Royal Bank Of Canada increased their target price on shares of 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 Friday, June 27th. Barclays increased their target price on shares of 3M from $164.00 to $170.00 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company increased their target price on shares of 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Citigroup increased their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $156.33.

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.

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