Independent Solutions Wealth Management LLC Increases Stock Position in 3M Company (NYSE:MMM)

Independent Solutions Wealth Management LLC increased its holdings in 3M Company (NYSE:MMM - Free Report) by 372.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,833 shares of the conglomerate's stock after buying an additional 6,174 shares during the period. Independent Solutions Wealth Management LLC's holdings in 3M were worth $1,150,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at $636,767,000. Invesco Ltd. grew its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after buying an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in 3M during the 4th quarter valued at about $175,110,000. Capital World Investors increased its position in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after buying an additional 1,248,093 shares during the period. Finally, Amundi lifted its holdings in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock worth $337,815,000 after buying an additional 898,244 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at 3M

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president now owns 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MMM. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Barclays boosted their target price on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Finally, Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $155.83.

3M Trading Up 1.6%

Shares of MMM opened at $149.92 on Wednesday. 3M Company has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The firm has a market cap of $80.68 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 3.06 and a beta of 1.03. The firm has a 50 day moving average price of $143.64 and a 200-day moving average price of $142.44. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66.

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

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M's dividend payout ratio (DPR) 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.

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