Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Stake in 3M Company (NYSE:MMM)

Key Points

• Empirical Wealth Management increased its stake in 3M Company (NYSE:MMM) by 121.6% during the first quarter, holding a total of 4,835 shares valued at $710,000.
• Insider trading activity includes Vice President Zoe L. Dickson selling 7,915 shares for over $1.17 million, representing a 56.37% decrease in her position.
• 3M recently reported quarterly earnings of $2.16 per share, surpassing analyst expectations, and announced a $0.73 dividend with a yield of 2.0%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in 3M Company (NYSE:MMM - Free Report) by 121.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,835 shares of the conglomerate's stock after acquiring an additional 2,653 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in 3M were worth $710,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MMM. Natixis Advisors LLC lifted its position in shares of 3M by 11.8% during the first quarter. Natixis Advisors LLC now owns 172,012 shares of the conglomerate's stock worth $25,262,000 after purchasing an additional 18,122 shares during the last quarter. NorthRock Partners LLC lifted its holdings in 3M by 2.0% during the 1st quarter. NorthRock Partners LLC now owns 15,417 shares of the conglomerate's stock valued at $2,264,000 after buying an additional 298 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its holdings in 3M by 5.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 19,338 shares of the conglomerate's stock valued at $2,777,000 after buying an additional 1,039 shares in the last quarter. Aegis Wealth Management LLC boosted its position in 3M by 50.8% in the 1st quarter. Aegis Wealth Management LLC now owns 13,101 shares of the conglomerate's stock valued at $1,924,000 after buying an additional 4,411 shares during the period. Finally, Squire Investment Management Company LLC bought a new position in 3M in the 1st quarter worth about $206,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $913,045.54. This represents a 56.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated 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 sale, the executive vice president owned 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 disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

3M Price Performance

MMM opened at $144.38 on Friday. The firm has a market capitalization of $76.90 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 2.79 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The business's 50-day moving average is $149.78 and its two-hundred day moving average is $146.71. 3M Company has a 1 year low of $119.31 and a 1 year high of $164.15.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same period last year, the business earned $1.93 EPS. The company's revenue was up 1.4% compared to the same quarter last year. Research analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.0%. 3M's dividend payout ratio is currently 40.61%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MMM. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Royal Bank Of Canada lifted their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Citigroup raised their price target 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. set a $167.00 price objective on 3M in a report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price 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.

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