Philip James Wealth Mangement LLC Lowers Holdings in 3M Company (NYSE:MMM)

Philip James Wealth Mangement LLC cut its stake in 3M Company (NYSE:MMM - Free Report) by 16.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 34,909 shares of the conglomerate's stock after selling 6,886 shares during the period. Philip James Wealth Mangement LLC's holdings in 3M were worth $5,127,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. REAP Financial Group LLC boosted its holdings in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after acquiring an additional 94 shares during the last quarter. Curat Global LLC acquired a new stake in 3M during the 1st quarter valued at $29,000. Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter worth $27,000. Pinney & Scofield Inc. purchased a new position in 3M in the 4th quarter valued at about $28,000. Finally, Intelligent Financial Strategies acquired a new position in shares of 3M in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Buying and Selling at 3M

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now owns 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Wednesday, June 11th. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Citigroup boosted their price target on shares of 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada boosted their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Two equities research 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's stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Moderate Buy" and a consensus target price of $155.83.

3M Stock Up 2.1%

MMM stock opened at $150.89 on Friday. The firm has a market cap of $81.21 billion, a PE ratio of 19.05, a PEG ratio of 3.07 and a beta of 1.03. The company has a fifty day simple moving average of $144.39 and a 200 day simple moving average of $142.61. 3M Company has a 1 year low of $98.26 and a 1 year high of $156.35. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Sell-side analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently announced 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 1.94%. 3M's payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.