Kingswood Wealth Advisors LLC Sells 4,949 Shares of 3M Company $MMM

Key Points

• Kingswood Wealth Advisors LLC reduced its stake in 3M Company by 73%, selling 4,949 shares in the second quarter, leaving them with 1,833 shares valued at $279,000.
• 3M recently reported earnings of $2.45 per share and announced a quarterly dividend of $0.73, resulting in a 2.0% dividend yield.
• Wall Street analysts maintain a positive outlook on 3M, with an average price target of $165.60 and a consensus rating of "Moderate Buy" among nine analysts.

Kingswood Wealth Advisors LLC lowered its position in shares of 3M Company (NYSE:MMM - Free Report) by 73.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,833 shares of the conglomerate's stock after selling 4,949 shares during the period. Kingswood Wealth Advisors LLC's holdings in 3M were worth $279,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Duncan Williams Asset Management LLC bought a new stake in shares of 3M during the second quarter valued at approximately $425,000. Knights of Columbus Asset Advisors LLC grew its position in 3M by 2.1% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 77,624 shares of the conglomerate's stock worth $11,817,000 after purchasing an additional 1,595 shares during the period. SOA Wealth Advisors LLC. grew its position in 3M by 312.6% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 2,661 shares of the conglomerate's stock worth $405,000 after purchasing an additional 2,016 shares during the period. Hanson & Doremus Investment Management grew its position in 3M by 15.9% in the 2nd quarter. Hanson & Doremus Investment Management now owns 1,461 shares of the conglomerate's stock worth $222,000 after purchasing an additional 200 shares during the period. Finally, Stockman Wealth Management Inc. bought a new stake in 3M in the 2nd quarter worth approximately $227,000. Institutional investors own 65.25% of the company's stock.

3M Stock Down 2.7%

MMM opened at $148.74 on Friday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M Company has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The firm's fifty day moving average is $154.88 and its 200 day moving average is $148.63. The stock has a market cap of $79.22 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 2.46 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The company had revenue of $8.38 billion for the quarter. 3M had a net margin of 16.01% and a return on equity of 96.48%. On average, sell-side analysts forecast that 3M Company will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, August 25th. 3M's dividend payout ratio is currently 40.61%.

Insider Activity

In other news, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the sale, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. This represents a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MMM. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 3M in a research report on Wednesday. Barclays set a $170.00 target price on shares of 3M in a research report on Friday, July 18th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of 3M from $177.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Citigroup lifted their target price on shares of 3M from $160.00 to $169.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a research report on Friday, July 18th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $165.60.

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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