Northwest Wealth Management LLC Invests $246,000 in 3M Company (NYSE:MMM)

Northwest Wealth Management 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 1,672 shares of the conglomerate's stock, valued at approximately $246,000.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in 3M during the fourth quarter valued at approximately $636,767,000. Invesco Ltd. lifted its position in 3M by 51.6% during the fourth 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. acquired a new position in 3M during the fourth quarter valued at approximately $175,110,000. Capital World Investors lifted its position in 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 in the last quarter. Finally, Amundi lifted its position in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.9%

MMM opened at $152.19 on Monday. The firm's 50-day simple moving average is $144.83 and its 200-day simple moving average is $142.95. 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 Company has a twelve month low of $98.26 and a twelve month high of $156.35. The firm has a market cap of $81.90 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 3.15 and a beta of 1.03.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $5.78 billion. Equities research analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 1.92%. 3M's dividend payout ratio (DPR) is currently 36.87%.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research analysts have recently commented on MMM shares. Barclays boosted their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Bank of America lifted their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Citigroup lifted their price target 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. JPMorgan Chase & Co. lifted their price target on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus price target of $155.83.

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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