3M Company $MMM Holdings Boosted by Forvis Mazars Wealth Advisors LLC

Key Points

• Forvis Mazars Wealth Advisors LLC increased its stake in 3M Company by 38.2% during the first quarter, now holding 15,861 shares worth approximately $2.33 million.
• The stock currently has an average rating of "Hold" from analysts with a consensus price target of $158.10, reflecting mixed market sentiment.
• 3M recently reported $2.16 earnings per share for the quarter, exceeding expectations and indicating a year-over-year revenue growth of 1.4%.

Forvis Mazars Wealth Advisors LLC boosted its holdings in shares of 3M Company (NYSE:MMM - Free Report) by 38.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,861 shares of the conglomerate's stock after purchasing an additional 4,381 shares during the quarter. Forvis Mazars Wealth Advisors LLC's holdings in 3M were worth $2,329,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Nuveen LLC bought a new position in 3M during the 1st quarter worth approximately $235,020,000. D1 Capital Partners L.P. acquired a new stake in shares of 3M during the 4th quarter valued at approximately $175,110,000. Capital World Investors lifted its stake in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Northern Trust Corp boosted its holdings in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after purchasing an additional 755,155 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in 3M by 34.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,133,190 shares of the conglomerate's stock valued at $275,375,000 after purchasing an additional 544,380 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MMM shares. Wells Fargo & Company restated an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Citigroup raised 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Thursday, August 14th. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Finally, Barclays set a $170.00 price objective on 3M in a research note on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $158.10.

3M Price Performance

Shares of MMM traded up $1.3570 during midday trading on Tuesday, reaching $154.2170. The stock had a trading volume of 2,067,526 shares, compared to its average volume of 3,712,329. 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 company has a market capitalization of $82.14 billion, a P/E ratio of 21.45, a P/E/G ratio of 2.96 and a beta of 1.05. The firm's 50 day moving average price is $151.33 and its 200-day moving average price is $147.17. 3M Company has a 52 week low of $121.98 and a 52 week high of $164.15.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 25th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M's dividend payout ratio (DPR) is presently 40.61%.

Insider Buying and Selling

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm's stock in a transaction on 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 sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,817,401 shares of company stock valued at $648,960,803. 0.48% of the stock is owned by insiders.

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.