Raymond James Financial Inc. Has $122.43 Million Stock Holdings in 3M Company $MMM

Key Points

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Raymond James Financial Inc. boosted its stake in 3M Company (NYSE:MMM - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 833,614 shares of the conglomerate's stock after purchasing an additional 29,620 shares during the quarter. Raymond James Financial Inc. owned about 0.15% of 3M worth $122,425,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MMM. Caitong International Asset Management Co. Ltd purchased a new position in 3M in the 1st quarter worth approximately $28,000. REAP Financial Group LLC boosted its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the period. Curat Global LLC purchased a new position in 3M in the 1st quarter worth approximately $29,000. Pinney & Scofield Inc. purchased a new position in 3M in the 4th quarter worth approximately $28,000. Finally, Intelligent Financial Strategies purchased a new position in 3M in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 65.25% of the company's stock.

Insider Buying and Selling

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the sale, the chief accounting officer directly owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the sale, the insider owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% 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.

3M Price Performance

Shares of NYSE MMM traded up $4.1990 during midday trading on Friday, reaching $158.5790. The company's stock had a trading volume of 1,958,212 shares, compared to its average volume of 3,830,302. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87. The company has a 50 day moving average price of $151.67 and a 200 day moving average price of $147.25. 3M Company has a one year low of $121.98 and a one year high of $164.15. The company has a market cap of $84.46 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.99 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.15. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the previous year, the firm earned $1.93 EPS. The business's revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities research analysts expect that 3M Company will post 7.8 EPS for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 25th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.8%. 3M's payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Citigroup raised 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. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research report on Friday, July 18th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Thursday, August 14th. Finally, Barclays set a $170.00 target price on 3M in a report on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $158.10.

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.