Focus Partners Wealth Acquires 10,049 Shares of 3M Company $MMM

Key Points

• Focus Partners Wealth increased its stake in 3M Company by 7.3%, acquiring an additional 10,049 shares, bringing its total holdings to 147,331 shares valued at $21.6 million.
• Several institutional investors, including Retirement Systems of Alabama and Synergy Asset Management LLC, significantly increased their positions in 3M in the first quarter of the year.
• 3M's stock received a consensus rating of "Moderate Buy" from analysts, with a price target of $161.78 following various upgrades and recommendations from firms like Citigroup and Barclays.

Focus Partners Wealth boosted its holdings in 3M Company (NYSE:MMM - Free Report) by 7.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 147,331 shares of the conglomerate's stock after buying an additional 10,049 shares during the period. Focus Partners Wealth's holdings in 3M were worth $21,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. REAP Financial Group LLC raised its position in 3M by 88.7% in the 4th 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. Pinney & Scofield Inc. acquired a new stake in shares of 3M during the fourth quarter worth $28,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of 3M during the first quarter worth $28,000. WPG Advisers LLC purchased a new position in 3M in the first quarter valued at $28,000. Finally, Curat Global LLC purchased a new position in 3M in the first quarter valued at $29,000. Institutional investors own 65.25% of the company's stock.

3M Stock Up 0.1%

Shares of NYSE MMM traded up $0.23 during mid-day trading on Wednesday, reaching $156.73. The company had a trading volume of 736,536 shares, compared to its average volume of 3,712,856. The stock has a fifty day moving average of $154.20 and a two-hundred day moving average of $148.02. 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 company has a market capitalization of $83.48 billion, a price-to-earnings ratio of 21.81, a PEG ratio of 2.84 and a beta of 1.04. 3M Company has a 12-month low of $121.98 and a 12-month high of $164.15.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating 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%.The company's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 earnings per share. As a group, equities research analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 25th. 3M's dividend payout ratio (DPR) is presently 40.61%.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. Citigroup boosted their target price on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, May 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Saturday. Barclays set a $170.00 price objective on shares of 3M in a research report on Friday, July 18th. JPMorgan Chase & Co. set a $167.00 target price on shares of 3M in a report on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.78.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. The trade was a 68.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

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.