Gateway Wealth Partners LLC Makes New Investment in 3M Company (NYSE:MMM)

Gateway Wealth Partners LLC bought a new position in 3M Company (NYSE:MMM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,921 shares of the conglomerate's stock, valued at approximately $282,000.

Several other institutional investors and hedge funds have also bought and sold shares of MMM. Wayfinding Financial LLC purchased a new position in shares of 3M during the 4th quarter valued at about $851,000. Ensign Peak Advisors Inc lifted its position in shares of 3M by 29.2% during the 4th quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after buying an additional 145,146 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new position in shares of 3M during the 1st quarter valued at about $2,506,000. Allstate Corp purchased a new position in shares of 3M during the 4th quarter valued at about $2,101,000. Finally, Synergy Asset Management LLC raised its stake in 3M by 122.7% during the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was 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 directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president owned 6,127 shares of the company's stock, valued at $913,045.54. This represents 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 insiders.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. 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 note on Wednesday, April 23rd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Friday, June 27th. Barclays lifted their target price on 3M from $164.00 to $170.00 and gave the company an "overweight" rating in a research note on Wednesday. Citigroup lifted 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, Wells Fargo & Company lifted their target price on 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $156.33.

3M Trading Down 1.0%

Shares of NYSE MMM traded down $1.59 during trading hours on Friday, hitting $155.73. 2,401,071 shares of the company traded hands, compared to its average volume of 3,802,883. The stock has a market capitalization of $83.81 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 3.04 and a beta of 1.02. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The company's 50 day moving average price is $148.22 and its 200 day moving average price is $144.59. 3M Company has a 12 month low of $100.87 and a 12 month high of $159.47.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. On average, equities research analysts anticipate that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. 3M's payout ratio is currently 36.87%.

3M 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.