Daymark Wealth Partners LLC Decreases Stake in 3M Company (NYSE:MMM)

Daymark Wealth Partners LLC reduced its position in 3M Company (NYSE:MMM - Free Report) by 50.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,108 shares of the conglomerate's stock after selling 119,189 shares during the period. Daymark Wealth Partners LLC's holdings in 3M were worth $17,345,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MMM. Archford Capital Strategies LLC bought a new stake in 3M during the first quarter worth approximately $214,000. International Assets Investment Management LLC increased its stake in 3M by 16.9% during the first quarter. International Assets Investment Management LLC now owns 8,353 shares of the conglomerate's stock worth $1,227,000 after acquiring an additional 1,209 shares during the last quarter. BridgePort Financial Solutions LLC increased its stake in 3M by 4.8% during the first quarter. BridgePort Financial Solutions LLC now owns 4,268 shares of the conglomerate's stock worth $627,000 after acquiring an additional 195 shares during the last quarter. Legacy Advisors LLC increased its stake in 3M by 9.2% during the first quarter. Legacy Advisors LLC now owns 2,348 shares of the conglomerate's stock worth $345,000 after acquiring an additional 197 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its stake in 3M by 9.6% during the first quarter. GHP Investment Advisors Inc. now owns 2,279 shares of the conglomerate's stock worth $335,000 after acquiring an additional 200 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Up 1.6%

Shares of NYSE:MMM opened at $149.92 on Wednesday. 3M Company has a 52-week low of $98.26 and a 52-week high of $156.35. The stock has a market cap of $80.68 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 3.06 and a beta of 1.03. The business's 50 day moving average is $143.64 and its 200 day moving average is $142.44. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72.

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

3M Dividend Announcement

The business also recently announced 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 1.95%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MMM shares. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Wednesday, June 11th. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays upped their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Citigroup upped their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. upped their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Two 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, 3M currently has an average rating of "Moderate Buy" and an average target price of $155.83.

Insider Buying and Selling at 3M

In other 3M news, 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 transaction of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the 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 sale, the executive vice president now directly owns 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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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